Feels like 'Armageddon': Asian stock markets plunge after US downgrade (The worst is yet to come)

Feels like 'Armageddon': Asian stock markets plunge after US downgrade (The worst is yet to come):

"Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.

Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker global growth will crimp demand for crude. The dollar was lower against the yen and the euro. The U.S. dollar also hit a record low against the Swiss franc of 0.7485 centimes to the dollar — a drop of almost 30 percent from a year ago.

Tokyo's Nikkei closed down 2.2 percent and MSCI's broadest index of Asia Pacific shares outside Japan fell 4.2 percent, taking its losses for the month so far to more than 12 percent.

Hong Kong's Hang Seng Index finished down 2.17 percent at 20,490.57. The China Enterprises Index ended down 2.81 percent at 11,113.45.

The Shanghai Composite Index recorded its largest single-day loss since November last year, finishing down 3.79 percent at 2,526.82.

(Excerpt) Read more at msnbc.msn.com ..."