Global markets are definitely acting a bit unsettled. It’s not just that they’ve been rallying so hard, for so long and are acting “toppish,” it’s, as we pointed out yesterday, they’ve suddently become susceptible to odd ill-sourced rumours. In China it has to do with liquidity and bank lending. In Europe they’re nervous about a double-dip recession (not so odd, there) and in the US there’s fresh talk of bank runs and panic.
The big election in Japan probably isn’t helping much, as the world tries to figure out what it means for the relationship between that country and the US — in particular, how it relates to buying US debt.
Japan was the big loser overnight, with the Nikkei falling over 2%, while China edged up slightly. Hong Kong was off 1.8%.
European markets are getting hit as well, with London off .6%, and other markets off 1% or more.
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