Now this is an ugly day.
And we’ll get right to the big story: Indonesia.
The Jakarta market has been getting absolutely wrecked. For the second day in a row it has fallen more than 5%, as it’s the latest focal point for the big story of the year, which is the rush of money out of emerging markets.
Nearby, the Thai market (the SET) lost 3%.
- Japan -2.6%
- Italy -2%
- Germany -1.2%
- Spain -1.8%
Meanwhile, US Treasuries have finally caught a little bit of a bid on the flight to safety, as the yield on the 10-year drops to 2.81%.
Meanwhile, even commodities are getting smoked. Gold and silver lower.
So the big themes right now are a general risk offishness, with real pain focused on emerging markets.