Asian markets drop after rough day on Wall Street

UNDATED - Recession talk in the U.S. sent Asian stocks into a tailspin today. Japanese and Hong Kong markets dropped more than three percent.

Stocks in Australia, China, South Korea, New Zealand and the Philippines were also down sharply on worries about slower growth in the U.S. and around the world.

Recession worries also rippled to the oil market where prices fell further amid concern that energy demand will weaken as a result.