The Saudi Arabian stock market has dropped 9%.
In New York, the Dow fell 369.88 points, or 3.58%, to end at 9,955.50. At one point the blue-chip index had been down more than 800 points.
London's key UK share index lost 7.85% - its biggest percentage fall since 1987 and in Paris the Cac-40 suffered its largest fall on record.
The Nikkei's fall on Tuesday followed its 4.3% drop on Monday, which saw it close at its lowest since February 2004.
Germany's Dax index lost 7.39%, while France's Cac-40 index dropped 9.04% - its biggest one-day fall since the index was created in 1988.
And the Korean won is tanking badly.1,800,000.00 KRW | = | 1,421.79 USD |
| South Korea Won | United States Dollars | |
| 1 KRW = 0.000789886 USD | 1 USD = 1,266.01 KRW |
That's very bad. The exchange rate used to be 1,000 KRW = 1.00 USD. So now the value of the Won has dropped almost more than 30%. While this isn't life threatening at the moment, because I don't intend to send any currency home, it still spells trouble for the future. Think about it, in the short time of a month, I'm now getting paid effectively $400 less than I was a month ago. It's only going to get worse at this point. I hope that it changes before the end of the year, but right now things are jolly well fucked. I'm sure everyone else is suffering though too.
On the plus side, oil is becoming a lot cheaper.
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