Following the Dow and the NASDAQ here in the Americas, European and Asian markets almost unilaterally lost any previous gains, as the major indexes all fell. Both Henry Paulson and Ben Bernanke were both being pitched in the media as potentially saying the credit market losses were hurting the U.S. economy. As a result, the U.S. dollar was at a record low against the euro.

If it's not one thing with the U.S. economy, it's another, when it comes to the complete mess the mortgage overextension problem has created. Said Roberto Mialish from Unicredit Markets & Investment Banking: "The markets are reacting negatively to the renewed credit crisis in the U.S. and that's hurting the dollar across the board ... the market is speculating that Bernanke will offer a gloomy outlook for the U.S. economy.''

Below is a foreign market review for this morning:

European markets:

• The Dow Jones Euro Stoxx 50 Pr: at 3,132.37, down 83.87 (-2.61%)
• The FTSE 100 Index: at 5,173.10, down 127.30 (-2.40%)
• The DAX 30: at 6,049.42, down 150.83 (-2.43%)
• The S&P/MIB Index: at 27,059.00, down 689.00 (-2.48%)

Asia/Pacific markets:

• Nikkei 225 Average: closed at 12,754.56, down 255.60 (-1.96%)
  
• The S&P/ASX 200 Index: closed at 4,815.70, down 105.30 (-2.14%)
  
• Hang Seng Index: closed at 21,174.77, down 839.69 (-3.81%)