Big Declines In Asian And European Stocks


Yesterday’s mixed action in the US was, as we noted, something of a win for the bears, which prevented the bulls from running away with things again.

And now overnight action confirms that the downdraft remains in palce, however temporarily.

WSJ: The Shanghai Composite Index rose 0.9% to 3155.05, taking gains into a fifth successive session. The advance helped to limit losses in Hong Kong, where the Hang Seng Index slipped 0.6% to 21479.08.

Japan’s Nikkei 225 Average dropped 1.3% to 9717.44, Australia’s S&P/ASX 200, Taiwan’s Taiex and New Zealand’s NZX 50 fell 0.7% each, South Korea’s Kospi shed 1.8% and Philippines’ main index added 1.3%.

Same deal in Europe, with all of the major markets of over 1%.

US futures are pointing down, but only modestly.

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