In Japan the Nikkei 224 index dropped 1.7pc to a six-month low of 8,277.56, while the broader Topix index dropped 1.9pc to a 28-year low of 695.51 as investors in Asia digested disappointing US jobs data from Friday.
The latest data from China also contributed to mounting fears that the world's second largest economy is on the verge of a significant slowdown, after a PMI survey showed slowing growth in the services sector.
By late morning the German DAX was down 1.3pc as the country's policymakers looked increasingly isolated in their refusal to back EU rescue funds for banks, and the introduction of so-called eurobonds.
The fall meant the German blue-chip stock index dropped below the key psychological level of 6,000 points for the first time since January.
The situation was different across other European markets. Despite Spain's financial woes and a banking system feared to be on the verge of collapse, the country's IBEX 35 index was up 2.5pc.
Italian exchanges were also trading higher as investors in both countries were buoyed by hopes that the eurozone might move towards greater centralised control of national budgets in the single currency bloc, after comments by Mariano Rajoy, the Spanish prime minister, at the weekend.
The CAC 40 in France had been down in early trading but was up 0.3pc by late morning.
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