Markets in Asia remained in the guetter during the entires trading seession.
WSJ: Japan’s Nikkei 225 ended 1.8% lower at 9891.10, finishing below 10000 for the first time since Oct. 8 after shedding at least 1.3% in each of the previous two sessions. Australia’s S&P/ASX 200 dropped 2.4% to also end at its lowest level in three weeks. South Korea’s Kospi gave up 1.5% and Taiwan’s Taiex lost 2.4% bringing the two indexes to their worst closing level this month.
“Global equity markets are selling off as that dirty four letter word — R-I-S-K — reasserts itself after a monstrous rally that has far exceeded macro fundamentals,” said Gluskin Sheff Chief Economist David A. Rosenberg.
Elsewhere, Hong Kong’s Hang Seng Index skidded 2.3% while the Shanghai Composite contracted 2.3%. India’s Sensex sank 1.3% and Singapore’s Straits Times Index lost 0.9% in afternoon trading, taking little comfort from the Dow Jones Industrial Average futures, which were recently up 20 points in screen trade after shedding more than 100 points in three of the last four sessions.
As for the US, with several hours and a big GDP report to go before the market opens, futures are pointing down modestly.