It's An Ugly Day In Asian Markets

Asian markets are having an ugly day, but the Nikkei especially is getting slammed, down 3.3%.

This comes after the Fed announced that it would taper its asset purchase program by another $US10 billion a month, to $US65 billion.

This saw the yen strengthen against the greenback.

Markets slid further after we saw HSBC China manufacturing PMI contract to 49.5 in January. This was the first contraction in six months and was down from 50.5 in December. The Aussie dollar tumbled on the news.

Here’s a quick round up of how markets are doing:

Australia’s S&P/ASX 200 is down 0.9%

Hong Kong’s Hang Seng is down 1.4%.

China’s Shanghai Composite is down 0.5%.

Japan’s Nikkei is down 3.3%, to a new 2.5-month low.

The Turkish central bank’s massive rate hike on Tuesday gave markets a bounce, but that didn’t last long and we saw a sell-off in stocks on Wednesday

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