Markets have a negative feel today, and once again the real pain is centered on emerging markets.
India is down 2.3%, and Jakarta fell 3.4%. Thailand dropped 1.4%.
The currencies of India, Turkey, and South Africa are sharply lower.
Meanwhile, European markets are lower. Italy is down 0.8%, about the same amount as Germany.
The weakness of emerging markets has been a big story since the Spring, and the last few weeks have been especially painful.
Later today the US will get Case-Shiller home prices, as the market sits on pins and needles watching every datapoint to figure out what it means for the Fed (and more importantly the real world).
Thanks to @nemo_incognito for the “EMageddon” line this morning.
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