- Asia market appears to be stabilizing with the Shanghai down only 0.30 – 0.40% in the first hour of trade. Japan Nikkei is up 0.2 – 0.3%. We shall see whether this stability holds.
- European Stocks Suffer Worst Start To Year Ever
by Tyler Durden, www.zerohedge.com
Led by a 4.3% collapse in Germany’s DAX index, European Stocks plunged 2.5% today which is the worst start to a year ever. European credit markets spiked higher in risk. 10Y bund yields tumbled over 6bps and peripheral sovereign risk spreads jumped 10-15bps. Not a good start for Draghi and his pals… Germany led the collapse…