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Markets are selling off early in the Asian trading session.Japan’s Nikkei is down 1.3%.
Korea’s Kospi is down 1.1%.
Australia’s S&P/ASX is down 1.1%.
The whole world was expecting the European Central Bank to take action this morning. But disappointingly, they did nothing.
Last week ECB president Mario Draghi said that he would do “whatever it takes to preserve the euro.” Most experts that thought that this was a signal that the ECB would enter the markets and buy bonds in an effort to lower the borrowing costs of the debt-laden euro countries like Spain.
When that didn’t happen, European market tanked and the US markets followed.
And now, it seems the Asian markets are catching up.