Asian Stocks Down After Wall Street Panic Disaster

America is down, totally down, impact for Asian countries is deep, Asian equity markets were sharply down early Tuesday as investors fearing a possible global economic slowdown continued to flee stocks. Oil fell below $78 per barrel, toppling to its lowest price of the year on concerns that a slowing global economy could crimp demand for fuel, yeah now global economy going to mad and drive us crazy
The biggest Asia Power Japan's Nikkei 225 index plunged 4.4 percent to 8,694.31 in the morning session, while Hong Kong's Hang Seng index plummeted 7.3 percent to 18,998.51. South Korea's Kospi index plummeted 8.2 percent to 1,716.05. Elsewhere, Australia's benchmark S&P/ASX-200 index lost 4.5 percent to 3,806.70. Taiwan's TAIEX dropped 4.9 percent and New Zealand's benchmark NZX 50 index shed 3.8 percent.
Why Aussie markets corrected on huge amount, as reported from Michael McCarthy, chief strategist at Sydney-based stockbroker CMC Markets, attributed the market turbulence to fears that the U.S. economy was slowing down. "We're clearly in fear territory," McCarthy said. "The major driver here seems to be weakness in the U.S. economy. There are fears that it's starting to stall and if that's the case, the whole global growth scenario could fall over."

Also Shane Oliver as a chief economist of Australian investment manager AMP Capital, said he was surprised that the Australian market had not stabilized Tuesday after steep falls on the previous two trading days.
"I would have thought we would have factored in a lot of the weakness, but obviously the fall on Wall Street was greater than Australian investors and Asian investors expected this time yesterday," Oliver told Australian Broadcasting Corp. television.

On European side, The European Central Bank stepped in Monday and bought billions of euros worth of their bonds. The move helped to lower yields on Spanish and Italian bonds, at least temporarily.
In currencies, the dollar weakened to 77.26 yen from 77.70 yen late Monday in New York. The euro slipped to $1.4193 from $1.4196.
Benchmark crude fell $3.96 to $77.40 per barrel on the New York Mercantile Exchange. That is the lowest settlement price of the year for crude, but it's still higher than the $71.63 per barrel low of the past 12 months.
Oil hit that on Aug. 24 of last year, when a combination of disappointing economic news and abundant supplies drove down prices.
The contract settled at $81.31 per barrel on the Nymex on Monday.