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BRUTAL: Markets Are Getting Destroyed Around The World

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Sam Ro
Business Insider
May 23, 2013

European markets have been open for a few hours, and things are ugly.England’s FTSE is down. 1.8%.

France’s CAC 40 is down 2.4%.

Germany’s DAX is down 2.5%.

Spain’s IBEX is down 2.1%.

Italy’s FTSE MIB is down 2.7%.

This follows sell-offs in the U.S. and Asia. Japan’s Nikkei fell by a stunning 7.3%.

On Wednesday, Federal Reserve Chairman Ben Bernanke told the Joint Economic Committee of Congress that the Fed could start tapering its quantitative easing (QE) program during one of its next few FOMC meetings depending on economic data. QE is one of the Fed’s economic stimulus programs, which is intended to lower interest rates through bond purchases.

  • A d v e r t i s e m e n t

Over in China, the Flash Manufacturing PMI unexpectedly plunged to 49.6 from 50.4 a month ago.  A reading below 50 represents contraction, and this is the first sub-50 reading in seven months.

Eurozone, German, and French Flash PMI numbers all showed improvement in May, however, all of the numbers continued to be under 50.

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This article was posted: Thursday, May 23, 2013 at 4:32 am

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