Dow Jones and E-Mini S&P 500 futures crashed around 5 per cent on Asia opening, before bouncing back slightly, but continued to trade around the limits, threatening a chaotic opening for American markets unless a deal is reached in the US Senate.

Meanwhile, South Korea's Kospi dropped 5 per cent while Singapore’s Singapore FTSE/STI and Australia's S&P/ASX 200 both crashed over 7 per cent. Hong Kong's HSI fell 4% while mainland China's Shanghai Composite was losing around 2%. Amid the global pessimism, only Japan’s Nikkei was in the green around 2 per cent.

Amid an ongoing partisan battle in the US Senate, disgruntled Majority Leader Mitch McConnell announced that without a deal he would hold another vote on Monday the same measure that failed to get the necessary 60 votes in the 100-member chamber. 

We're going to vote at 9:45 in the morning (13:45pm GMT)... 15 minutes after the markets open and see whether there's a change of heart.

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