BANGKOK - Asian shares nose dived Monday as the first downgrade of the credit rating of the US Government had to the global financial system, strengthening fears, which is the world economy weaknesses.
Trading below $84 a barrel on expectations that weaker growth of in global demand for crude oil will crimp expands oil prices, the recent sharp losses. The dollar was lower against the yen and the euro. $ Affected also a record low against the Swiss franc from 0.7485 cents to the dollar - a drop of almost 30 percent over the previous year.
Tokyo's Nikkei closed 2.2% and the MSCI broad index of the Asia Pacific shares outside of Japan fell 4.2 percent, take its losses for the month so far more than 12 percent.
Hong Kong Hang Seng index finished 2.17 percent on 20,490.57. China enterprises index ended 2.81 percent to 11,113.45.
The Shanghai composite index its records largest single day loss since November last year, finishing 3,79 percent to 2,526.82.
"It is not Armageddon, but it feels like it," said Hong Kong-based analyst Francis LUN, added, that he the area Hang Seng index looks to below 19,000 - a decline by a further 5 percent - before he any kind of comeback.
Futures on the losses on Wall Street at opening Monday. Dow Futures was 2.1 per cent to 11,167, while the broader standard & poor's 500 futures fell 2.4 percent to 1.168.
At 6 am (ET) was Britain's FTSE 100 index of leading British shares up 1.7 percent to 5,160, while the French CAC 40 fell 2 percent to 3,214. Germany's DAX is 2.3 percent to 6,096.
However, Monday, after the European Central Bank signaled that it would buy bonds of the two countries, cut their borrowing costs rose by Spanish and Italian markets.
Late Sunday, the Central Bank said it would implement "active" his bond purchase to calm program investor concerns that Italy and Spain will be unable to pay their debts.
At 3:45 am (ET) Milan FTSE MIB was 3 percent growth to 2.4 percent during Spain.
Investors took refuge in assets traditionally viewed as safe havens in times of financial crisis, slide to a new high of $1,714 gold an ounce.
"There are some places you can... obviously hide and those, which you in can hide are very good." Is gold the beneficiary, because there is no Central Bank selling, ", said Greg Gibbs, strategist at RBS in Sydney."
Bank shares have been corrupted by fears area heavy losses could face as the sovereign debt crisis in Europe continues to brew. Industrial and commercial bank of China, the world's largest bank by market value, fell 4.2 percent. Port-operators - the lifeblood of the show and exports would be compromised if the global economy goes bust - were badly stung. Hong Kong-listed China shipping container lines co. fell to 9.7 percent.
Meanwhile a strengthening suggested yen, which makes Japanese products more expensive, if they are sent abroad, the country's powerhouse export sector. Hitachi Corp. fell by 4 percent. Sony fell by 3.8 per cent. 3.1% Lost Mazda Motor Corp..
Standard & poor's downgrade of the U.S. sovereign credit rating of AA + from first-class AAA, announced late Friday, was still yet another blow to confidence in the struggling US economy. It adds to growing fears that the world economy no. 1 can be directed in the recession.
These fears have exacerbated signs that Europe's government debt crisis threatens to consume larger economies such as Italy and Spain.
'Calm down'
David Cohen of the action of economy in Singapore, Friday said not surprisingly came the warnings, issued by the Agency weeks in advance downgrade - but that it can serve Government measures as a wake-up call for heads of State.
"People quickly enough can soothe, as long it is not a more global financial crisis," said Cohen.
Elsewhere in Asia, Australia's S & P/ASX 200 index fell 2.9 percent to 3,986.10. dived Singapore's benchmark 4.7 per cent and 3.8 percent pushed the Taiwan market.
"I think it is still a question of people is carefully given they do not really know how wild are these overseas markets react," Westpac Banking Corporation Chief Economist of Bill Evans said Australian Broadcasting Corporation television.
"I would expect that people will take the risk off the table at the moment some wait for greater clarity in the two big questions: how will the U.S. answer downgrading and will settle the Europeans down these concerns in Europe?" he said.
Search avert panic spread through financial markets, Declaration finance officials from the Group of seven developed countries a common late Sunday saying they were committed, all necessary measures, financial stability and support growth.
The G-7 statement came after the Group an emergency conference call the debt crisis in Europe and market prospects following the announcement that discuss held the first downgrade of the U.S. credit rating.
The burst of activity underscores how government debt in Europe and have - unsettled the financial markets United States and sharpened fears that debt problems global recovery from the financial crisis could derail 2007-2009.
Story: Parties ratchet up the blame on downgradePending before the version later this week by China's consumer price index July was also investor nerves fray. Inflation rose to a three-year high of 6.4 percent in June and is politically dangerous for the ruling Communists, because it can fuel pump unrest.
The Dow fell 5.8 percent last week in the midst of dour U.S. business news. The worst day for the Dow plunged it 513 points on Thursday alone, since the global financial crisis broke out in 2008.
MSNBC.com staff, Reuters and the associated press contributed to this report.
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