Major markets in Europe opened down 3% and then recovered slightly.

Just after the open, the FTSE 100 was off 2.2% to 6,053.

The French CAC 40 was down 2.4% to 4,522.

The German DAX was down 2.4% to 9,885.

Worries about a down draft in the Chinese economy continue. As the second largest nation in the world, its weakness would hit the balance of the world — particularly nations with large trade partnerships with the People’s Republic.

Concerns continue about the recovery in much of Europe. The largest economy in the region, which is Germany, has recovered well. France, the second largest, has not. Smaller nations such as Greece and Spain are still in trouble.

Japan, the third largest nation in the world in gross domestic product, has an economy that has remained stagnant for years.

While much of the world will benefit from low oil prices, they will severely damage economies in Russia, the Middle East and South America.

The worry now is whether the sell-off will extend to the United States again.

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