Stocks in Asia are getting smoked today with the Nikkei down 2.73%, the S&P ASX200 is down 1.37%, the Hang Seng is off 0.99% while the Shanghai exchange is down just 0.65%.
It’s all about China and fears about the impact of the defaults in China and comments by Chinese Premier Li that more defaults are likely on the road to reform coupled with reports out during Tokyo lunch that the PBOC has shut down online credit card use in China.
But in their weekly update on global portfolio flows the ANZ clearly shows that investors have been selling down their Chinese stock holdings for some time now but that selling from China accelerated to $US1,252 million in the week to February 12th – the largest outflow since June 2013.
Likewise emerging markets in Asia continue to suffer outflows of $US1,647 million which while down from last weeks huge $US2,943 outflow.
Here at home Australian equity flows were slightly negative while bond selling continues unabated.
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