Stocks in the US are on course for their worst annual falls since the Great Depression when trading closes today, while in Asia some markets ended the year on Tuesday by notching up their worst performance since records began.

The S&P 500 has already fallen 39.3 per cent on the year, its worst run since a drop of 47.1 per cent in 1931, while the Dow has lost 34.7 per cent, its worst annual decline since it fell 52.7 per cent in the same year.