Recession in US and Asia?

So American economy is slowly recovering from very low growth. The acceleration in exports had lead to 4.9% growth in GDP in July-Sept quarter . Hope this decreases probability of recession.
If recession happens in America, then will it have adverse effects on Asian economies? That is something to be looked for. Weak labour market, sub prime crisis, and weak consumer spending may be giving headaches to Fed chief Ben Bernanke.
If you go according to experts view, the slowdown or recession in US will lead to slowdown in China,which is major exporter of goods to US. Many asian countries,including India, supply goods to China which are later used to manufacture finished goods for US.So Asia is more likely to be hit by American slowdown.

But many Economists believe that it may not happen.Atleast thats what stockmarkets in India show. Indian stock markets had movements which were almost independent to that of Dow Jones and other international Indexes.