While you were sleeping, they were selling in Asia and Europe.
The MSCI World Index fell for the seventh straight day, with Japan down 1.3%, Hong Kong off 1.5%, and South Korea off 2.4%. It was roughly the same story in London, Paris, and Germany.
Among the surprises overnight: enterprise software SAP (SAP) cut its outlook on reduced demand (no really, they did), a shocking announcement at this point in the cycle. One wonders how much competitive pressure from Oracle (ORCL) has to do with it.
Also notable: Australia’s biggest lender National Australian Bank posted a surprise loss, which was amazingly the first banking loss since the global financial crisis began. That lead to financial sector selling down under.