Not surprisingly, the Nikkei is opening sharply lower in early Tokyo trading.It was actually up in the previous session, so you might say this is just catch-up.
But there are some signs of modest stabilisation out there.
S&P futures which dove after the close are back up a bit.
The aussie dollar — the worst currency in the month of May — is higher, as is the euro. Gold is up a little.
The US dollar and the yen are off a bit.
An interesting geopolitical bit to note is that Japanese PM Hatoyoma is slamming North Korea over the sinking of the Cheonan… but there’s still no indication of how Japan might draw itself into a wider conflict.