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Look out below in Asian markets

|Includes: EPHE, VanEck Vectors Indonesia Index ETF (IDX)

Bangladesh is following the Indian market downward, but with its smaller scale, the market in Dhaka is plunging whenever Mumbai takes a negative turn. Multiply that by Indonesia and the Philippines and you have a big regional slide.

Indian stocks sank 2.38% today but the Dhaka exchange plunged a record 9.25% last night in the first half hour of trading and shut down.

Bangladeshi investors took to the streets and were only dispersed by tear gas.

Meanwhile, in Indonesia, stocks fell 4.2% and in the Philippines, the market slid 2.2%. The associated ETFs IDX and EPHE are plunging in early U.S. trading as well.

Many of last year’s outperformers are having a rough start. Part of it is inflation and policy concerns, but it is mainly the feeling that these markets are overvalued given the prospect that rising interest rates will now start choking off growth.

India, which was hitting record peaks as recently as November, is now down 8.2% year to date.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.