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Nikkei Officially Enters Correction

Feb 3, 2014, 13:51 IST

REUTERS/Yuriko Nakao

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Good morning! A busy week is at hand.

We're in the midst of getting PMI manufacturing data from around the world, and beyond that there's a big slew of economic data that will be coming out. We're also in the midst of a significant bout of global market volatility.

To start things off, Japan's Nikkei has officially entered "correction" territory after falling 1.98% last night. The index is now down over 10% year to date.

Meanwhile, we're seeing some weakness today in both the Turkish Lira and the South African Rand.

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Over the weekend we got weak Chinese manufacturing data, factor that's likely to further weigh on these emerging market currencies.

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