Shanghai Tanks 3.2%

Bears Looking

Shares in Asia tanked overnight with the Shanghai market falling 3.2%, and the Nikkei dropping .7%

Japan was hurt by bad news from a major financial company:

WSJ: Aiful shares plunged 27.2%, wiping out more than a quarter of its market value, though trading volumes in Tokyo remained thin ahead of an extended holiday for the market from Monday to Wednesday. Aiful’s decline came after the company said it had been consulting the Japanese Association of Turnaround Professionals as part of efforts to revive its business. Fellow consumer-finance firm Promise dropped 0.8%, while Takefuji slumped 9.5%.

European stocks are also taking a hit, though nothing particularly alarming, with indices down less than 1%. S&P 500 futures are modestly lower.

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