Markets Are In The Red In Asia

Markets are open in Asia, and they're down early in the trading session.

Japan's Nikkei is down 0.4%

Korea's Kospi is flat.

Australia's S&P/ASX is down 0.3%

This comes in the wake of a big sell-off in the U.S. markets where the Dow fell by 138 points.

Manufacturing purchasing managers index (PMI) reports from China and the U.S. point to a deceleration in global growth.

At 9:45 ET, we will get the HSBC manufacturing PMI report from China. Economists surveyed by Bloomberg are looking for a reading of 50.5, down from 51.6 a month ago.

Any reading above 50 signals expansion. However, a falling number signals deceleration.