Asia And Europe Selling Off, U.S. Futures Struggling To Open Higher (Again)

Boxer Floored

Chinese stocks just fell for the seventh straight day, which marks the longest losing streak in 18 months according to Bloomberg. Signs of a slowing Chinese economy could be to blame.

Japan dropped 2% while all major indices were in the red:

  • MSCI Asia Apex 50 -0.8%
  • Japan’s Nikkei 225 -2.0%
  • Hong Kong’s Hang Seng -0.6%
  • China’s CSI 300 -1.4%
  • Australia’s ASX 200 -1.5%

European stocks have been hammered too, following last night’s U.S. bludgeoning, and as Moody’s threatens to remove Spain’s AAA sovereign rating.

  • Britain’s FTSE 100 -1.1%
  • France’s CAC 40 -1.8%
  • Germany’s DAX -1.4%

The euro is nevertheless holding up, at $1.23. While the Spanish 10-year yield is rising, so far its response appears muted relative to Moody’s threat, at 4.57% as shown by the Bloomberg graphic below:


U.S. futures are nevertheless once again trying for a positive open. Note this is what we saw yesterday pre-market, before U.S. indices dove on negative economic news. Let’s hope we don’t get another repeat today.


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