Dow Jones industrials plunge 1000 points, bringing the index down 10 percent

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Japan's Nikkei index is back on track to close more than 3% lower after a brief rally.

Hong Kong´s benchmark Hang Seng Index fell 3.1 percent while the sub-index tracking mainland Chinese companies shed 3.9 percent.

Shares were lower in all Asian markets after Wall Street officially began its first correction in two years, though losses were moderate with no sign of panic selling.

That puts the markets into what's known as a "correction" phase - the term in Wall Street for a drop of more than a tenth.

While the more than 1,000 point tumble in the Dow Jones industrial average led the market lower, the USA dollar's weakening against the Japanese yen also hurt export manufacturers' shares.

Margin lending, wherein investors can multiply their investable funds by using their securities as collateral, had dropped to a more than one-month low, in line with steep correction in China's main stock indices.

Worries about inflation set the market rout in motion last Friday, and many market watchers have been predicting a pullback after the market's relentless march higher over the past year.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 3.19 per cent, or 55.31 points, to 1,679.26 on turnover of 222.1 billion yuan.

The Dow Jones industrials are down 800 points, extending the market's losses.

Major indexes across the continent posted only modest losses in early trading.

On Thursday, Reuters reported that China had approved licenses for an outbound investment scheme known as the Qualified Domestic Limited Partnership (QDLP) plan for the first time since late 2015.The scheme would reopen a channel for Chinese money to invest overseas, potentially adding to liquidity concerns in Chinese markets.

It soared 25 percent in 2017.Analysts and market participants attributed the swoon to a cocktail of factors - margin calls, high valuations, the government´s deleveraging programme and jittery investors cashing out before long Lunar New Year holidays starting next week.

In Toronto, the S&P/TSX composite index was down 31.08 points or 0.21 per cent to 15,034.53, after losing almost 280 points and gaining more than 45 points throughout the day.

What many failed to predict, however, is the S&P 500's blazing slide from a record high on January 26 to a drop of 10 percent on Thursday.

The Nasdaq composite lost 212 points, or 3 percent, to 6,838. China Mining Resources Group Limited now has a total float of 28.43B shares and on average sees 9.20M shares exchange hands each day.

Bond prices fell. The yield on the 10-year Treasury rose to 2.85 percent from 2.83 percent late Thursday.

Chinese stocks were on track for their worst day in nearly two years on Friday, with blue-chip led carnage pushing the markets firmly into correction territory after steep falls overnight in USA stocks. Skechers USA climbed $2.88, or 7.5 percent, to $41.06.

Monday's sell-off was the worst single-day point decline in the Dow's history.

The S&P 500 gave up 44 points, or 1.7 percent, to 2,637.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.4 percent.

Stock markets in Asia are continuing to drop significantly after a volatile week on Wall Street.

The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on. India's Sensex retreated 1.1 percent to 34,017.83 and benchmarks in New Zealand, Taiwan and Southeast Asia also fell.

The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647.

Stocks are mixed in the early going as traders digest a batch of company earnings reports.

Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts.

Candidate stock for inclusion in the index must belong to the group of stocks that make top 90% of total market value of common shares.