US Futures Lower After Big-Time Selling In Japan And China

Is it the S&P downgrade or something else?

Impossible to say obviously, but the mood in Asia was pretty ugly last night.

The Nikkei fell over 1%, but the big, standout loser was the Shanghai composite, which had actually been on a tear over the past several weeks. It fell 1.9%.

chart

Markets in Europe are actually higher, as spreads come in a bit on sovereign debt amid rumours of ECB market involvement.

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