Global markets tumble as investors switch to risk-off mode

Markets across the US and Asia closed sharply lower overnight as investors switched to risk-off mode en masse.

With European problems persisting and the weak US earnings season showing no signs of relief, investors dumped stocks overnight, with major indices across the globe all lower. In the US the Dow Jones Industrial Average, which had endured a tough session from the opening bell - closed down 1.8% or 243 points, at 13,102. The S&P 500 fell 1.4% to close at 1,413, while over in Asia it was a similar story. Japan's Nikkei 225 closed down 0.7% at 8,954 points, while the Hong Kong Hang Send shed 0.2% to finish at 21,660. It is becoming very clear the global slowdown is having a major im...