Investors needed little excuse to sell off global markets, given the growing crisis in Greece, but some poor US figures have given them further reason.
New orders for US factory goods fell 0.2% in August compared to expectations of a flat outcome, compared to a 2.1% increase in July (even that was revised down from 2.4%).
So the Dow Jones Industrial Average is down 200 points - or nearly 2% - while the S&P 500 is down a similar amount to 1075.08, putting it in bear market territory.
Meanwhile the FTSE 100 is down 170.15 at 4905.35, having hit 4868.6. From its recent peak in July, it would need to reach 4843 to be in a new bear market, that it, 20% from its high. If you take the April high, the figure would be 4865, and clearly it's come very close to that.
Meanwhile the oil price has fallen on concerns about a drop in demand in a severe economic downturn, with Brent crude now below $100 a barrel, down nearly 2.5%.
