We’re coming off four straight weeks of decline in the US markets, and what are we starting off with? It looks like more ugliness.
Around the world, stocks are getting hammered:
Bloomberg: Stocks dropped from Dubai to Taipei, Treasuries rose and the yen and the dollar advanced against higher-yielding currencies on concern the global economic recovery will be delayed.
The MSCI Emerging-Markets Index lost 2.07 per cent, the steepest intraday slump since July 8. The yen strengthened against all but one of the 16 most-traded currencies tracked by Bloomberg, rising 1.2 per cent versus the South African rand and 1 per cent compared with the pound. The yield on the 10-year Treasury note dropped 4 basis points to 3.27 per cent.
Japan’s Nikkei was down over 2.5%, hitting an 8-week low, while futures for botht he S&P 500 and the Dow are pointing lower. Europe is also getting bruised. And since the Yen and the Dollar are rallying again, we guess we won’t be hearing much about the “risk trade” or the “reflation trade” for a while.
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