Asian markets selling off

Asian & Australian markets collapse, typically down 2-4%, following sharp declines in the US. Shanghai is under 2800, down 3.7% (half its value at the start of this year). Oil reaching 140 is making headline news as most of the countries have to buy oil. High oil prices are driving their inflation numbers higher. Also the US market is generally their biggest for exports, a weak US economy negatively impacts them. Fri could be another ugly day for US markets.