Asian Markets Selling Off
November 12th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Again, watch gold today. Lots of speculators are going to have to cover their long equity bets by exiting gold positions. How much interest is lurking just beneath the spread on gold?
We’ll see.
Via: MarketWatch:
Asian indexes fell sharply Monday, with Japan’s two main indexes falling below their 52-week lows as the yen’s brisk appreciation hurt exporters such as Honda Motor Co., while Hong Kong stocks tumbled on continued selling in China-related issues such as PetroChina Co. and China Mobile.
The Nikkei 225 average fell 3.3% to 15,065.42 in the morning session, in the wake of a continued sell-off on Wall Street Friday. Earlier in the day, it fell as low as 14,998.51, a level it hasn’t seen since July last year. The broader Topix index lost 2.8% at 1,452.28, after falling as low as 1,440.29, its lowest level since June 2006, earlier in the day.
