Asian markets are already deep in the red, with the Nikkei in Tokyo and the Hang Seng in Hong Kong down well over 2.5%. Overnight, the Dow and S&P 500 tumbled to levels not seen in nearly 12 years, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.
Reports say economists expect a deeper recession in the first half of the year followed by a modest recovery in the second half and a bigger recovery in 2010. Housing, manufacturing and gross domestic product growth reports are expected in US this week.
