Hang Seng Drops 5% After U.S. Losses

Losses in the U.S. market followed through to Asia overnight as Hong Kong's Hang Seng index fell 5.4%. To find a bigger one day decline in the index, one needs to look no further than January 22nd when the index fell 8.2%.

In fact, even though the year is less than six weeks old, last night's decline ranks as only the third worst year to date. So much for the whole global decoupling thesis.