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Last week's heavy selling spilled into this week as bears are rampant across global markets, leaving only the safe havens to shine.
U.S. stocks' more than 3% drop on Friday set panic across global markets. Since one of the most stubborn index to risk aversion, S&P500 officially moved into correction territory and cleared key support level of 2040 and 1980-70 area, there could be further shift away from stocks into safe havens this week. Bears are unlikely to give up grounds, as they are having their best times since September.
Massive selloffs have gripped Asian session today.
- China's benchmark stock index, Shanghai Composite is down 8.3%, wiped out this year's entire gains. It is currently trading at 3215.
- Nikkei is currently trading around 18800, down -3.2% today so far. Tokyo's Topix index is down close to -3.9%
- Hong Kong's Hang Seng is down more than 4%.
- Australia's benchmark stock index is down close -3.5%
- Seoul shares (KOSPI) are down more than 4%.
- Taiwan's TAIEX index is down more than 6%.
More importantly S&P500 future is down around -2.5%, trading at 1924 as of now, suggesting further rout in stocks.
While stocks are in bloodbath, safe haven Yen is shining bright, with close to 0.9% gain against Dollar.
