Europe Is Falling After Japan Gets Slammed

Japanese got slammed in Tuesday trading with the Nikkei falling 3%.

This was the Nikkei's first trading since Friday, meaning that it was reacting to both the Friday Jobs Report in the US, and the solid US selloff, which saw the S&P had its worst day of trading since August, losing 1.4% on Monday.

The New Year is just begun, and attempts to read much into the action are almost certainly inadvisable. But so far things haven't started off as nicely as 2013 ended. The data has been spottier and the market action has certainly been less pleasant.

Meanwhile, European markets are also reacting to the weak US session, with the major indices down a bit less than 1%.