Yesterday everything was going all fine and good until the very end of the day, when stocks sold off in dramatic fashion.
And the rest of the world followed suit overnight.
AP: In early trading in Europe, Germany’s DAX was down 1.2 per cent, Britain’s FTSE 100 lost 0.7 per cent and France’s CAC 40 dropped 1 per cent. Stock futures pointed to losses on Wall Street. Dow Jones industrial average futures shed 0.4 per cent to 9,678, and Standard & Poor’s 500 futures slipped 0.4 per cent to 1,054.40.
In Asia, Hong Kong’s Hang Seng index was the biggest loser, falling 544.79, or 2.5 per cent to 21,050.73. South Korea’s Kospi declined 17.59, or 1 per cent, to 1,693.88.
There’s some talk about maybe there being fears about central bankers taking away the punch bowl too early, but who knows? We wouldn’t put much stock in that.