Asian and European stocks fell yesterday over concerns about the U.S. housing market and potentially weak global financial markets, The Associated Press reported.

In Asia, the Nikkei 225 index closed with a 2 percent decline on the Tokyo Stock Exchange after it fell below the key 16,000-point mark for the first time since November. South Korea’s main benchmark fell 6.9 percent and Hong Kong’s blue chip Hang Seng index declined 3.3 percent.

European stocks struggled in morning trade as well. Britain’s FTSE and France’s CAC-40 indices were down 2.69 percent and Germany’s DAX declined 2.4 percent.

Several central banks began pouring cash into their banking systems last week, including the U.S. Federal Reserve System, but this seems to have done little to prevent a global slide. Overnight the Dow Jones industrial average fell 1.29 percent to 12,861.47, closing below 13,000 for the first time since April 24. It was at 12,690.27 at 11:35 this morning.