Well the closing bell on Wall Street just sounded with a fresh 2,014 points shaved off the Dow Jones index.
Wall Street CEOs are firing up the private jets to whisk them down to Washington DC to plead for bailout money from Treasury and another rate cut from Federal Reserve chief Jerome Powell.
The dramatic US selloff on a percentage basis was just about middle of the pack of global markets as investors ran to the safety of government bonds (see below):
US (Dow): -7.8%
South Africa: -6.5%
South Korea: -4.2%
Stocks sold off modestly when you loo at the 25% fall in crude oil as global shipping is forcing OPEC to flood the market to keep its revenues streaming in.
The equities futures are showing a further 2,000 point loss for Tuesday’s trading session right now, however it is still early.