Fears of a slowdown in world economic growth persisted, driving U.S. stock indices sharply lower on Monday. The Dow dropped as much as 1,089 points in the first six minutes of trading, but it partly recovered later.

Experts from the Deutsche Bank said that the global collapse of equity markets is serious and we should expect revisions of economic forecasts. The experts also said that low oil prices and changes in forecasts would lead to another round of cuts in corporate earnings forecasts worldwide.

The Dow Jones Industrial Average dropped 588.4 points, or 3.57%, to 15,871.4. The S&P 500 fell 77.68 points, or 3.94%, to 1,970.89. The Nasdaq Composite lost 179.79 points, or 3.82%, to 4,526.25.

This morning in Asia Hong Kong Hang Seng recovered 1.62%, or 344.17 points, to 21,595.74. China Shanghai Composite Index tumbled 4.33%, or 138.84 points, to 3,071.06. The Nikkei fell 0.59%, or 110.25 points, to 18,430.43.

Chinese stocks continued declining. Analysts said that panic remained in the market after Monday drop.

Japanese and Hong Kong shares also dropped at the beginning of the session, but recovered later and moved into the green zone.