US markets plunged overnight after an unexpected data from ISM services index fell to below 50, which indicates a contraction in the economy and which means that the economy is already in a recession. The measure includes businesses ranging from restaurants to retailers to banks and it accounts about two-thirds of the economy. Dow plunged 370.03 pts or 2.93% to 12265.13, S&P500 lost 44.18 pts or 3.20% while Nasdaq tumbled 73.28 pts or 3.08% to 2309.57. However, some analysts believe that the stocks are near their bottom price right now and there are chances that the stocks won't go down a lot more. It is also only natural in a volatile market that a piece of bad news will cause a panic sell-off after the markets gained the most last week.
Asian markets may open lower today following the massive sell-off in the US and the fear of US' recession continue on. Crude oil price also fell to $88ish per barrel and gold fell to $886ish. JPY traded recently at 106.70ish and Nikkei futures closed at 13340 in CME compared to the close of 13775 over here yesterday. Many Asian markets are already closed today for Lunar New Year holidays.
Kospi will be closed for Lunar New Year holidays today.
Hangseng may open lower today around 24000ish and may fall to below 24000 today in the last day of trading before the Lunar new Year holidays. Investors may have more profit taking before the new year and bad US economic data may pace the declines. Hangseng will be trading half-day today.
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