Brazil's main stock index plummeted more than 10 percent in early trading Friday after steep declines in Asia, Europe. Other Latin America markets fell sharply as well.

The Ibovespa stock index fell 10.2 percent to 33,303 in just the first half-hour after markets opened, triggering a "circuit-breaker" rule that halted trading for 30 minutes.

Global financial turmoil has wiped out two years of stock market gains in Latin America's biggest economy, and its once-soaring currency has been slammed as well. The real weakened to 2.3 against the U.S. dollar shortly after trading opened, after closing at 2.2 the day before.

Mexico's IPC index was down 3.6 percent at 19,561. The country's peso currency was trading at 13.6 to the U.S. dollar, down from around 12.5 on Thursday.

Chile's IPSA fell 3.5 percent to 2,125, and Colombia's IGBC dropped 5.7 percent to 7,750.

Investors worldwide now fear a widespread recession, and interventions by key central banks have so far failed to bolster confidence.