Friday, August 5, 2011

Rout Continues in Asia- Markets Down Most Since March Tsunami

Europe opens in a few more hours, keep your eyes on Italy and the Non Farms Payroll report.
What a day for a NFP release.  It better be good.

Asian stocks fell the most since March, extending a global rout, and the region’s bonds gained, while oil, zinc and wheat led a drop in commodities amid concern the U.S. economic recovery is petering out.
The MSCI Asia Pacific Index tumbled 3.2 percent at 11:20 a.m. in Tokyo, set for its largest weekly decline since October 2008.
Japan’s 10-year bond yield sank to this year’s low and the yen reversed earlier losses, a day after intervention by Japan. The cost of insuring Asian debt jumped to a one-year high.
Japan’s Nikkei 225 Stock Average sank 3.4 percent, Hong Kong’s Hang Seng Index plunged 4 percent and Australia’s S&P/ASX 200 Index slumped 4 percent. Benchmark indexes for South Korea and Taiwan entered so-called corrections, falling more than 10 percent from recent highs.
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