Japanese stocks recorded their most enormous daily loss in history on Monday, driven by fears of a U.S. economic slowdown under the Joe Biden-Kamala Harris government.
The Nikkei 225 index plummeted by an unprecedented 4,451 points, closing over 12 percent down.
Concerns over a sharp slowdown in the U.S. economy have fueled expectations that the Federal Reserve will cut interest rates.
The latest U.S. jobs report showed job creation significantly below expectations, and unemployment significantly above expectations.
Nasdaq futures dropped by 4 percent, while Dow and S&P 500 futures dropped by 1.5 percent and 2.3 percent.
The Stoxx Europe 600 index fell by 2.5 percent in morning trade in Europe, reaching lows not seen since February.
Poor U.S. tech earnings-and China's weak manufacturing data-are exacerbating the wider situation.
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