Asian stocks fell sharply after suspected Islamic suicide bombers and gunmen attacked Indonesia’s capital on Thursday, killing at least three and wounding several others.

Massive explosions shook downtown Jakarta, including a reported bomb going off near a local UN office and another explosion outside a popular shopping mall, and several gunmen also exchanged gunfire with police on public streets.

The Jakarta Stock Index plunged as a result, impacting other Asian stock markets that were already in free fall following a massive sell-off on Wall Street yesterday fueled by concerns over China’s economy, overvalued stocks and low oil prices.

Japan’s Nikkei 225 slid dramatically in early trading and was down 2.68%, or around 474 points, near the end of the day.

China’s Hang Seng index stayed in negative territory most of the day while Indonesia’s Rupiah currency crashed in response to the terrorist attack likely to be blamed on ISIS.

“Indonesia has been a victim of several bombing attacks in the past, claimed by Islamic militant groups,” the AP reported. “The country has been on high alert after authorities said they had foiled a plot by Islamic militants to attack government officials, foreigners and others.”

No doubt the attack’s effect on Asian stocks will also shock U.S. markets, especially considering the Dow Jones Industrial Average closed at 16,151 on Wednesday, down over 1500 points in the past 10 trading days.

Despite all this, President Obama strangely suggested “anyone claiming that America’s economy is in decline is peddling fiction” during his State of the Union address on Tuesday.

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