Asia Declines As Emerging Market Currencies Slide Again
It looks like it could be another interesting session. The big event overnight was the release of the Chinese PMI report, which confirmed further weakness in China's manufacturing economy, a fact that bodes ill for vulnerable emerging markets that thrive by selling commodities and other goods to China.
Asian markets fared poorly.
India fell 1.25%. Japan fell 2.45%. Thailand dropped 0.7%.
Meanwhile, in the EM space, we're seeing currencies like the Turkish Lira, the Hungarian Forint, and the South African Rand push lower again, so that story is there. Remember, yesterday we saw a bout of central bank tightening activity, as these countries tried to stop the bleeding. But to no avail.
As for European and US markets, things are fairly quiet for now.
Later today we get Q4 GDP.