Lots of people messaging me tonight, whether via email or on Twitter, everyone watching the remarkable market declines going on in Asian markets right now. Some highlights:
- Worst two-day decline on Japanese markets in more than a decade
- Emerging markets getting crushed, with Jakarta off 9%
- India’s Sensex was halted, down 11.5%, re-opened 20 minutes or so later, and then speedily trimmed losses to 3% or so
- U.S. treasures are zooming upward
- Dow futures still showing 500-point-ish loss on the open tomorrow, but that’s subject to oodles of change.
Couple quick screenshots from CNBC Asia (which is playing creepy horror music into and out of breaks):
Overall, while these are big numbers, the U.S. has had a habit lately of acting with one-way correlation. In other words, its declines can spook other markets, but the reverse has not been anywhere near uniformly true. So, while I expect a decline on the opening tomorrow, it is far from a foregone conclusion that we spend the rest of the day in free-fall.