Markets are getting slammed

Markets around the world are getting slammed.

Dow futures are down 240, S&P futures are down 30, and Nasdaq futures are down 80.

In Europe, Britain’s FTSE, Germany’s DAX, France’s CAC 40, and Spain’s IBEX are all down by more than 2%.

There isn’t any obvious news to blame for today’s action. Sometimes markets just move.

Dominating headlines is Volkswagen, which is slowly rolling out information regarding software designed to give its diesel cars false emissions data. On Tuesday, the company said up to 11 million cars are affected. Management said the company set aside $US7.27 billion to “cover the necessary service measures and other efforts to win back the trust of our customers.”

Volkswagen shares are down by around 20%.

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