The main stock markets in Latin America also suffered the impact of panic selling in major markets.
The region’s main and most dynamic market Sao Paulo, Brazil, the Bovespa index lost 8.08%, reaching 48.668 points, the worst since October 2008.
Monday was also a record trading day for the Sao Paulo stock exchange, totalling 1.049.044 transactions. The previous record was 924.666, last Friday.
Turnover on Monday reached 9.677 billion Real according to Bovespa.
Two of the leading companies in Sao Paulo, Petrobras (oil) and Vale (iron ore) lost together in market value 42 billion Real.
Argentina’s Merval was even more devastating having shed 10.73% and now stands at 2.738 points.
In Argentina shares from Tenaries, one of the main equities in the Buenos Aires exchange lost over 12%. The company reported fewer profits than expected and is closely linked to the oil industry. The international price of oil dropped 6% on fears of a world recession.
In Lima, Peru the index lost 7.09% and in Colombia, 4.11%.
Mexico experienced its worst fall since 2008, having lost 5.88%.
In Chile the IPSA collapsed 6.92% the greatest fall in thirteen years.