Early Monday, the World Bank lowered its outlook for economic growth in Asia, down from the 7.6% estimate it made in May to 7.2%. It also warned that worsening conditions in Europe could knock off 2% from Asia’s GDP growth next year.
Investors are also becoming increasingly worried about a potentially disappointing earnings season, which unofficially kicks off Tuesday when Alcoa (AA, Fortune 500) announces its results after the closing bell.
Analysts expect earnings to decline 1.34%, according to S&P Capital IQ. That would mark the lowest growth rate since the third quarter of 2009.
CONTINUED at CNN Money.