Japan's Nikkei 225 index has closed down 1.5% as investors took profits ahead of the conclusion of a key central bank meeting tomorrow.
London's leading share index is edging back up towards the 5,800 mark in early trading, recovering from a fall to a three-week low at the end of last week as Spanish bailout fears weighed on sentiment.
The FTSE 100 has opened up 0.4% on the final day of Q3 trading as Spain's 2013 budget measures helped ease concerns over the country's economy.
Asian stock markets echoed Wall Street's overnight slump as investors fretted over declining Japanese export figures.
Markets around the globe sold-off overnight after ECB President Mario Draghi failed to provide the stimulus the market had expected to tackle the eurozone crisis.
Indices across Europe are expected to open flat ahead of the anticipated moves from the ECB to cut interest rates and a further injection of QE from the Bank of England.
A strong performance from US and Asian stocks has helped push global equity indices to their strongest start to a year since 1998.
Shares across Asia dropped overnight as the ongoing Greek debacle continued to hit sentiment.