Another day of low oil prices on the global markets has led to another day of serious losses across Asian stock indexes Wednesday.
Japan's benchmark Nikkei index lost a staggering 3.4 percent, while Hong Kong's Hang Seng and Australia's S&P/ASX indexes both finished down over two percent. Wednesday's losses also spread to Seoul, Shanghai, Taipei and Auckland.
Investors have been pulling out of the markets in droves due to fears the global economy is on the verge of another recession, due to slow growth in the United States and China and the continued plunge in oil prices, which fell again to below $30 per barrel Wednesday on the New York Mercantile Exchange.
