Concerns over a slowing U.S. economy sparked by a rapid decline in U.S. subprime mortgage lenders brought selling pressure to all major indices across Asia and is currently pushing European indices lower. Both the Dow Jones and S&P 500 lost 2% yesterday, to 12,075.96 and 1,377.95 respectively, and the Nasdaq dropped 2.2% to 2,350.57. The Nikkei 225 fell more than 500 points, or 2.9% to 16,676.89, on additional concerns of a re-strengthening of the yen and lower trading volume due to the fiscal year end nearing. The Hang Seng dropped almost 500 points, or 2.6% to 18,836.93. Singapore's benchmark index lost 3.4% and India's BSE 30 was down 3.3% at the time of publishing. In morning trading in Europe, the Dow Jones Stoxx 600 Index representing small, mid and large capitalization companies across 18 European countries and the Euro Stoxx 50 Index representing blue chips across the 13-country Eurozone, are both down 2.0%.
Sources: Bloomberg [I, II], MarketWatch
Commentary: David Fry's Daily Market Outlook • Market Outlook: Stiff Headwinds Ahead • John Hussman: Debunking the 'Global Liquidity' Myth
Stocks/ETFs to watch: iShares MSCI Asian Indices: Australia (NYSEARCA:EWA), Hong Kong (NYSEARCA:EWH), Japan (NYSEARCA:EWJ), Malaysia (NYSEARCA:EWM), Singapore (NYSEARCA:EWS), South Korea (NYSEARCA:EWY), Taiwan (NYSEARCA:EWT), Emerging Markets Index (NYSEARCA:EEM), Pacific ex-Japan (NYSEARCA:EPP); China: iShares Trust FTSE-Xinhua China 25 Index Fund (NYSEARCA:FXI), PowerShares Golden Dragon Halter USX China Portfolio (NYSEARCA:PGJ); Closed-end funds: India (NYSE:IFN) and (NYSE:IIF), Indonesia (NYSEMKT:IF), Thailand (Pending:TF); iShares MSCI EAFE Index (NYSEARCA:EFA); US: S&P 500 Index (NYSEARCA:SPY), Diamonds Trust Series 1 ETF (NYSEARCA:DIA), NASDAQ 100 Trust Shares ETF (QQQQ); Bonds: iShares Lehman 7-10 YR Treasury Bond (NYSEARCA:IEF), iShares Lehman Aggregate Bond (NYSEARCA:AGG); iShares European Indices: S&P Europe 350 Index (NYSEARCA:IEV), Austria (NYSEARCA:EWO), Belgium (NYSEARCA:EWK), France (NYSEARCA:EWQ), Germany (NYSEARCA:EWG), Italy (NYSEARCA:EWI), Netherlands (NYSEARCA:EWN), Spain (NYSEARCA:EWP), Sweden (NYSEARCA:EWD), Switzerland (NYSEARCA:EWL), United Kingdom (NYSEARCA:EWU), EMU Index (NYSEARCA:EZU) ; DJ Euro Stoxx 50 (NYSEARCA:FEZ)
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