Asian equity markets suffered heavy losses on Tuesday after Wall Street shares tumbled overnight as weak economic data sparked fears of a slowing U.S. economy.
U.S. stocks saw their worst start to February since 1933 after a manufacturing report heightened concern about the economy before Friday's monthly jobs report. Overall factory activity hit an eight-month low in January as new order growth plunged by the most in 33 years.
"Suffice to say investors should steer clear of risk assets over the short term as the turmoil does not look like it will be over anytime soon. A combination of tapering, a confluence of country specific emerging market country concerns and weaker growth in China provide the backdrop for a volatile few weeks if not longer, ahead," said analysts at Credit Agricole.
(Read more: Why the stock selloff is more a rumble than rout)