Crude oil price drop has become the first indicator of the continuing decline trend in the financial markets in fear of possible U.S. recession as well as instability in the European bank system. Oil prices dropped to near 81USD a barrel in Asia. Japan's Nikkei 225 index dropped 1.8 percent to 8,784.53 and Hong Kong's Hang Seng slid 2.4 percent to 19,540.60. South Korea's Kospi dived 4.5 percent to 1,775.71. Australia's benchmark S&P/ASX 200 was down 2.7 percent at 4,137.70.

Unemployment rates in the U.S. have been constantly rising with 9,000 unemployment claims increase during the last week. Interestingly enough, connection between Asia and Western issues was the least expected one by the world analysts.

Such bad economic news sparked a sell-off on Wall Street on Thursday. The Dow Jones industrial average fell 3.7 percent to 10,990.58. The Standard & Poor's 500 index fell 4.5 percent to 1,140.65. The Nasdaq composite fell 5.2 percent to 2,380.43. UAIndex in this regard has followed the trend by showing decline of 1.40%, losing 63.5.

UAIndex