The US Stock Market Is Getting Crushed And It's Setting Australia Up For An Ugly Trading Day

Getty/Mike Powell

Global stock markets are in free-fall this morning after a combination of the re-emergence of worries about Greece, weak US data and recent stock market weakness saw buyers head for the sidelines causing prices to cascade lower in the US and Europe overnight.

The Dow has been off as much as 425 points at one stage to a low of 15,855 while the S&P 500 is down 45 points or 2.38% but futures markets are off a little more.

Locally it means we are in for a rocky day on the ASX which will threaten its recent remarkable run of being able to ignore what has been happening in offshore markets.

At 5.15 am the SPI 200 futures contract for December is down 34 points to 5,185 bid. That’s not too bad really and suggests some residual strength.

We’ll have more later.

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