Markets sold off in overnight trade in Asia, with Japan's Nikkei down 0.8 percent. Shares in Europe are in the red and U.S. futures point to a negative open.  Spain officially requested a bailout from the 17-nation euro-zone. In a letter, Spain's Finance Minister Luis de Guindos said the country would ask for a sufficient amount to cover its banking system, channeled through a state backed bailout fund. This is the scariest chart on the Spanish banking system > Fitch downgraded Cyprus into junk territory this morning, lowering the bank to BB+ from BBB-. The ratings agency cited a large exposure to Greek debt, forecasting the country's banks will require at least $4.9 billion more in capital injections.