Update 10:50: Shanghai is off 2.4%.
Update 10 PM ET: The Nikkei has opened sharply lower. Commodities are selling off again, and the US selloff is get worse, with the Dow now off 50.
As for some other markets: Korea is off 2.75%. Sydney is off 2.3%.
Original post: With about 14 hours to go before opening bell in NYC, US futures are already heading lower.
It appears that the Jean-Claude Trichet interview with Der Spiegel (which we touched on here) is reverberating. If you read through the whole thing, it basically boils down to: We refuse to go into quantitative easing mode, which — given the waning confidence in European banks — is a very serious statement. He’s sounding more and more like Bernanke in the early days of our crisis (prompting Jim Cramer to go on his famous “Bernanke has no idea!” rant).
It is apparently the dream of central bankers to be the hawks that hold the line. In the end, the market forces their hand.
Update 10 PM ET: The Nikkei has opened sharply lower. Commodities are selling off again.