On October 23rd Asia Times Online said:
For the third time since March, we are in the midst of a significant market selloff, a sharp and painful expansion of what the markets call “risk aversion”.
The first time was in early March, followed soon by HSBC bank’s reporting that its earnings would be negatively affected by problems at its American Household Finance mortgage unit, the signature event that brought the subprime mortgage crisis front and center to the market’s attention. That caused a 7% decline in the US Dow Jones Index, 8.5% in Germany’s XETRA DAX index and a 9.7% decline in Japan’s Nikkei 225 index.
See their full article here as it relates to the global economy.