Kyle Boddy dot com

HONG KONG, China (CNN) -- Hong Kong's Hang Seng index fell 8 percent in early afternoon trading Tuesday as global markets tumbled on fears that a U.S. economic slowdown will lead to a global recession.

Tokyo investors are worried about how a possible U.S. recession could hurt exporters' profits. Japan's Nikkei index plunged below 13,000 for the first time in more than two years, down 4.5% in afternoon trading.

South Korea's Korea Composite Stock Price Index fell 90.03 points, or 5.4 percent, to 1,592.63.

Australia's benchmark S&P index was down 6 percent.

The Singapore stock exchange was down 4.5 percent, and Taiwan's benchmark Taiex was down 6.6%.

Trading was halted in Indian markets Tuesday as shares plunged on opening, with the benchmark index falling 9.5 percent. Shares in India's Sensex fell nearly 11 percent -- a four-month low -- on Monday.

Europe's main three indices, the FT-100 in London, the CAC 40 in Paris and the DAX in Frankfurt fell between 5 and 7 percent on Monday.

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Is it beginning already? My money is on a short-term correction, with more middling from the Fed. The real shit hasn't yet hit the fan.

But it will.