Updated from 12:40 a.m. EDT

Asian stocks plunged Thursday, with the Nikkei 225 stock average in Japan closing down more than 11%, on fears of a recession in the U.S. and a broader global economic slowdown.

The Nikkei fell 1,089 points to 8458.45. The Hang Seng index in Hong Kong fell 4.8%, while the S&P/ASX 200 index in Australia finished lower by 6.7% as mining stocks declined.

In Japan, shares of steelmakers, shipping company and financial firms were lower.

Stocks in Europe also were on the decline. The FTSE 100 index in London fell 2.4%, while the DAX in Frankfurt was lower by 2.2%. Stocks of oil companies and miners were lower.


(UBS) - Get Report

and the Swiss National Bank Thursday reached an agreement for UBS to transfer up to $60 billion of currently illiquid securities and other assets from its balance sheet to a separate fund. The bank also will get a capital injection of 6 billion Swiss francs ($5.3 billion) from the government.

Credit Suisse

(CS) - Get Report

said it raised 10 billion Swiss francs from private investors, including the Qatar Investment Authority.

Stocks futures in the U.S. were mixed Thursday a day after the market fell the most since the crash of 1987. Futures on the

S&P 500

rose 15.70 points to 919, and were 9.30 points above fair value.


futures rose 21.50 points to 1250.50 and were 0.98 points below fair value.

Stocks on Wall Street took another drubbing on Wednesday. Bearish economic data and slumping earnings from financial firms held the spotlight as traders steadily sold off, a trend reflected in the major indices.


Dow Jones Industrial Average

dropped 733.08 points, or 7.9%, to 8577.91, and the S&P 500 sank 90.17 points, or 9%, to 907.84. Nasdaq lost 150.68 points, or 8.5%, to 1628.33.

Wednesday's losses marked the second-worst single-day point loss by the Dow in history. The selloff nearly erased an impressive rebound Monday, when the blue-chip index rose 11% to 8451.