Fear Of Bank Writedowns Sends Asian Markets Plunging

Asian bank shares led markers lower overnight, on fears that Chinese banks may need to raise capital in order to shore up their balance sheets.

This comes on the heels of sharp words from the Chinese banking regulator towards major Chinese banks.

Shanghai’s CSI300 crashed 3.2% while Hong Kong and the Nikkei fell a 1.5% and 1% respectively.

Gold is above $1,170, while the dollar is strengthening as wel.

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