Published: Aug 05, 2011 10:10 AM EDT
Updated: Aug 05, 2011 1:28 PM EDT


UNDATED 8:25AM (AP) - Dow futures are warning of another crushing day on Wall Street today.
 
Dow futures are down 0.8 percent and S&P 500 futures are down 0.6 percent. Yesterday, the Dow closed down nearly 513 points, the steepest point decline since Dec. 1, 2008.
 
Global stock markets plummeted today, amid fears that the U.S. may be heading back into recession.
 
The leaders of some European countries are holding an emergency meeting by phone today, to discuss the jittery markets and the European financial crisis.
 
BANGKOK (AP) - Asian stock markets are tumbling amid fears the U.S. may be heading back into recession and Europe's debt crisis is worsening.
 
The sell-off in Asia on Friday follows the biggest one-day decline on Wall Street since the 2008 financial crisis.
 
Japan's Nikkei 225 stock average slid 3.4 percent and Hong Kong's Hang Seng dived 4.4 percent. Taiwan's benchmark fell nearly 5 percent and Australia's market shed 4.1 percent.