Asian markets tumble in morning trading

Asian markets are fell 2-3% in their early hours (Sun night our time). Hong Kong, Japan, Australia are down, Shanghai is about even. They are worried about the US economy going into a recession, a big source of sales for their companies. Already, they are pricing in a 50 basis point cut at the FED's month end meeting. Worries about a recession sent lower oil lower prices to 97. Dow futures in the US are up 28, but actions in the Asian markets suggest a lower opening in NY.