Well, global equities got off to a rather inauspicious start to the week in Asia where Japanese shares fell the most since the U.S. election and South Korean small-caps plunged. Mercifully, a horrific opening gap lower in Hong Kong was partially retraced, although the Hang Seng still closed lower by more than 1%.
In Europe, things weren’t any better. The Stoxx 600 fell below its 200-day moving average, as the gauge dropped for a sixth day, its longest losing streak since November and its biggest six-day rout since June 2016. Have a look at this:
That’s some tough shit, right there. The Euro Stoxx 50 and the CAC 40 have now given up their gains for 2018:
The DAX, coming off its worst week since February 2016, is down sharply again. German equities are now sitting at their lowest levels since September and I hate to tell you this, but the DAX is now down a whopping 6% from its January peak:
And of course, the VStoxx is spiking to its highest levels since August:
“We are in a dive. I repeat: we are in a dive.”