The ASX looks set to open down another 200 points

Micro Lazzari GettyImages

With stock markets around the world following the lead from Asia yesterday, you could be forgiven for thinking that the ASX, fresh from a 4.09% and $68 billion wipeout yesterday, might have already factored in the worst of the global market rout.

Not so, according to overnight futures markets, which currently have the SPI 200 September futures contract down more than 200 points and looking pressured again today.

Key to the move, beside European and US stock weakness, seems to be another big fall in energy prices. Nymex crude is trading down 6% at $38.14, copper and base metals are weaker, iron ore is plummeting and proximity to the fulcrum of this market mess, Asia, doesn’t help.

Here’s the chart of the overnight action at 5.50am.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at