Stock markets across the Asia-Pacific region fell sharply on Monday, while Wall Street is seen opening sharply lower.
Crude oil prices have also slumped as economies around the world come to a virtual standstill.
Investors are concerned that governments and central banks are struggling to ease the impact of an impending deep global recession.
In early trading in Asia, the Hang Seng index in Hong Kong fell by 5.5%, while China’s Shanghai Composite lost 3%.
New Zealand’s main share index started the day down by more than 10%, and the ASX 200 in Sydney lost 7.2%.
In India, where a 14-hour curfew was announced, its Sensex index fell 10%, triggering a “circuit breaker” and a 45-minute trading halt.