European stock markets were lower in midday trading Friday.

London's Financial Times 100 index was down 2.60 percent , to 4,960. The CAC-40 in Paris fell 2.85 percent , to 2,988. And the DAX in Frankfurt plunged 3.60 percent , at 5,401.

The S&P futures contract was down 23 points, indicating another steep dive on opening for U.S. markets.

In Asia, Tokyo's Nikkei index dropped two-and-a-half percent , to close at 8,719.

Hong Kong's Hang Seng index fell three percent , to end at 19,400.

Gold was trading at $1,875.19 an ounce.

The U.S. dollar slipped against other major currencies