Asian Markets Open Down After the Dow's Terrible Day

August 9, 2011

After the Dow closed down by more than 600 points, Asian markets “plummeted” Tuesday morning surrounding growing fear of a global recession, The New York Times reports. Japan’s Nikkei 225 fell 4.7 percent by midmorning, while South Korea’s Kospi fell by 7.4 percent. Markets in Australia fell 4.7 percent, in Hong Kong by seven percent. The MSCI Asia Pacific Index fell 5.5 percent, Bloomberg reports. The Kospi fell by as much as nine percent, The Wall Street Journal reports. The fall in American markets Monday was the worst day of trading since the height of the financial crisis in 2008. ”The bears have come out of their hibernation. It is going to take some positive economic data…to stem the flow in the short term,” an analyst told the Journal.