In Europe, the German stock market index fell by 7.8 percent while the benchmark French stock market index fell 6.25 percent when trading began on Monday.
In Italy, the country worst-hit by the COVID-19 in Europe, the market dropped more than 10 per cent within one hour after trading on Monday.
Closer to home, New Zealand's NZX40 opened on Tuesday morning down nearly 4 per cent.
Australia's ASX 200 index dropped sharply by 7.4 percent at the close on Monday.
Australia's Treasurer Josh Frydenberg, speaking yesterday, said that the country's economy remains strong despite the shares market plunging.
"Well, market volatility in terms of equity markets is not uncommon at times like this and as you would be aware, there are many factors behind movements in equity markets. And I note that some announcement by the Russians and the Saudis in relation to oil overnight, and we've seen a steep drop in the oil price in recent weeks. So there are a number of factors at play when it comes to the equity markets. But our financial system remains strong, our economy remains strong. This is a very different situation"
