Australian shares had their worst day since the crash of 1987, losing more than 8%, as mounting recession fears sent equity markets tumbling around the world.
The benchmark S&P/ASX-200 stock index recorded its biggest one-day loss in its 16-year history, dragging the value of the main share index below $1 trillion. The broader All Ordinaries recorded its worst day since the October 1987 crash.
Singapore officially in recession, South Korean banks in trouble repaying debt, Japanese insurance company closed.
China' economy slowing, delaying imports of raw materials.
Economists are expecting more bad news, don't know what the bigger picture is on the global insurance industry yet.
Iceland and UK goverment in conflict over frozen UK investment funds in Iceland banks.