Market in Japan and China should expect big pressure at the open on concerns over US credit markets, a lending freeze in China, and rising oil prices. .Shanghai, Hong Kong, and Tokyo exchanges are all likely to have large drops early.
On US exchanges, bell-weather Baidu (BIDU) dropped 2.4%. China Mobile (CHL) fell 5%. China Petroleum (SNP) was off over 6%. Aluminum Corp of China (ACH) dropped 7%. HSBC (HBC) dropped almost 3%.
Among Japanese shares trading on US exchanges today, Sony (SNE) slipped 2%. Toyota (TM) was off 1.3%. Canon (CAJ) fell 1.6%. NTT Docomo (DCM) fell 1.2%.
If an early sell-off turns into a rout, look for Asia exchanges to drop 3% or more by the close.
Douglas A. McIntyre
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