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Asian markets are tanking.Australia’s S&P/ASX is down 0.9%.
Japan’s Nikkei is down 0.8%.
Korea’s Kospi is down 1.9%.
Hong Kong’s Hang Seng and China’s Shanghai Composite are also lower in the first 10 minutes of their trading session.
All of this follows the second worst day of the year for U.S. stocks. Markets were rattled on rumours that Moody’s would finally announce downgrades to the world’s biggest banks. rumours were confirmed shortly after the U.S. markets closed.