US markets tumbled overnight, erasing most gains from the day before after The Fed cut 75 bps, which investors thought were not enough. The decline was paced by the drop in commodity prices such as oil and gold and that spurred more recession fears as investors think that demands for oil and other commodities are declining. Investors were worried that further writedowns maybe on the way. On the other hand, Morgan Stanley topped analysts' estimate and Visa had the biggest IPO ever in the US. The Dow plunged 293 pts or 2.36% to 12099.66, S&P500 fell 32.32 pts or 2.43% to 1298.42 while Nasdaq fell 58.30 pts or 2.57% to 2209.96.
Asian markets may open lower following the tumble in Wall St overnight after commodity prices had its biggest decline ever. Gold tumbled $59 while oil fell 5% as investors were concerned that demand is cooling with recession looming in the US. Crude oil was recently traded around $102.50ish per barrel while gold traded around $942ish and JPY was traded around 98.70ish. Nikkei market is closed today for holiday. Its futures in CME was closed at 12000 compared to the close of 12085 here yesterday.
The Kospi may open lower today after nice rally yesterday following the Fed's 75 bps rate cut. Commodity prices which fell the most may pace the declines and also there maybe some act of profit taking as investors may choose to flee from market while they're in the money in this times of uncertainty. Volatility may be high in the market with some downward pressure from The US and regional markets.
Hangseng may open lower again today after the gains were not sustainable yesterday. Hangseng had almost a 1000 rally yesterday only to pull back most of its gains. Hangseng may go down towards the 21000ish level again today or below as profit taking maybe in session ahead of the national holiday on Friday.
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