Japan Tsunami

Photo: AP

Things were pretty calm stateside after a staggering selloff in Japan overnight, thought stocks still sank.First, here’s the scoreboard:

  • Dow down 51.77
  • S&P 500 down 7.88
  • NASDAQ down 14.64

Now, the headlines:

  • Last night saw a massive sell off in Japan, with the Nikkei down 6.2%. Shares plunged after the Japanese open due to further uncertainty over the nuclear crisis at Fukushima.
  • The first show of strength in markets was in China, where shares ended in positive territory in both Hong Kong and Shanghai. India’s BSE also ended in positive territory.
  • After a better than expected resolution to the eurozone leaders meeting, European shares sold off, likely over continued concerns over the conflict in Libya and over the situation in Japan. There may have also been concerns over the continent’s banking system, as new data on PIGS exposure was released.
  • Markets with hit with another macro problem, with Saudi Arabian troops entering Bahrain to quell protests there. The UAE will also send troops. Oil ended higher on the day after opening lower.
  • U.S. shares opened lower and stayed there following the European and Japanese markets. Japanese ADRs, insurers, and luxury brands were hit big in the U.S. 
  • The Bank of America hacker data release blew over, after the documents were found to be relatively unimportant and not surprising.

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