Shocker - global markets were in freefall overnight.One piece of...

Shocker - global markets were in freefall overnight.

One piece of bad economic data on employment in the US has caused a panic that there could be a recession in the US.

In Europe, the FTSE fell 166 points (2.04%), the DAX fell 322 points (1.82%) and the CAC fell 102 points (1.42%).

The US markets plunged even more.

The DOW fell 1,033 points (2.60%) - the Dow was down as much as 1200 points at one stage. The NBI fell 135 points (2.86%), the NASDAQ Composite fell 576 points (3.43%) and the Russell small cap index closed lower by 70 points (3.33%).

Markets are now predicting that the US Fed will cut interest rates by a full half a percent in September to shore up market sentiment.

ASX may see another 300 point drop today.

US Treasury 10 year bond yield is largely unchanged at 3.78%.

Oil prices also largely unmoved - Brent crude at US$77.23 per barrel.

Large fall in the gold price which sits at US$2,409 per oz.

BITCOIN price plunged to US$54,146.