Asian and European shares tumble as investors continue to worry about the Chinese economy following poor PMI data on Thursday and about the effect of Fed tapering.
Emerging markets are front and center in the sell-off amid country specific trouble in Turkey, Argentina and Thailand in particular.
Money has been flowing into havens such as gold (+0.45) and the yen, which is 102.35 to the dollar vs 104.71 on Thursday morning. That in turn has hit the Nikkei.
"A number of issues have all come together," says economist Shane Oliver. Problems "have been bubbling away for a while now, but when they hit the screen at the same time, it appears like there is a problem in emerging markets.
Japan -2.5%, Hong Kong -2.1%, China -1%, India -1.9%, Thailand -1.8%, Indonesia -2.6%, South Korea -1.6%
EU Stoxx 50 -0.35%, London -1.1%, Paris -0.6%, Frankfurt -0.4%, Milan -1.3%, Madrid -0.5%, Turkey -1.2%.
U.S. stock futures: Dow flat. S&P +0.2%. Nasdaq +0.15%