Asian markets initially opened lower, then turned positive on the back of a suprise interest rate cut by South Korea.  The nation's central bank cut its base rate by 75 basis points to 4.25 percent as part of measures to alleviate the impact of the ongoing financial market turmoil on the broader economy.

Trading remains volatile however, with Japan's benchmark Nikkei 225 index dropping to a 26 year low of 7,603 points, before rebounding on the news from South Korea. The US futures pointed higher in early trading, although with Europe yet to have its say, volatility is set to remain.  Australia's S&P ASX index, the country's benchmark share index remained lower, regardless of the moves by the South Korean's on fear for its banking sector, and the onset of a global recession.

Markets in Singapore, Malaysia and India are all closed for the Diwali holiday and will re-open on Tuesday.

Article originally produced for www.politicalskew.com