Global economy is slowing down!

US manufacturing is decelerating. The ISM manufacturing index fell to 51.1 in August from 52.7 in July. This was worse than the 52.5 forecast by economists, and it was the lowest reading since May 2013.

China is slowing. China's official manufacturing PMI fell from 50.0 in July to 49.7 in August, the lowest reading since August 2012.

Europe is slowing. The eurozone manufacturing PMI slipped to 52.3 in August from 52.5 in July. Italy, Spain, Ireland, Netherlands, and Austria all experienced deterioration in growth. Meanwhile, France's PMI fell to a four-month low of 48.3, which reflects outright contraction.

The world is slowing. Korean exports crashed 14.7% in August from a year ago, reflecting the clearest sign that the world economy has hit a snag. This number was much worse than the 5.9% decline expected, and it was also the biggest drop since August 2009. Korea is a major supplier of automobiles, electronics, and petrochemicals to the world. And because this is the first monthly set of hard numbers from a major economy, Korean exports are considered a bellwether of global growth.

The Dow is down 355 points (2.1%), the S&P 500 is down 42 (2.2%), and the Nasdaq is down 86 points (1.8%).

It's a bloodbath in Europe, with Britain's FTSE, Germany's DAX, France's CAC 40, and Spain's IBEX all down by more than 2%.

Asian markets closed deep in the red, with Japan's Nikkei plunging 3.8%, Hong Kong's Hang Seng falling 2.2%, and China's Shanghai Composite tumbling 1.3%.