BRUTAL: Markets Are Getting Destroyed Around The World
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European markets have been open for a few hours, and things are ugly.
This follows sell-offs in the U.S. and Asia. Japan's Nikkei fell by a stunning 7.3%.
On Wednesday, Federal Reserve Chairman Ben Bernanke told the Joint Economic Committee of Congress that the Fed could start tapering its quantitative easing (QE) program during one of its next few FOMC meetings depending on economic data. QE is one of the Fed's economic stimulus programs, which is intended to lower interest rates through bond purchases.
Over in China, the Flash Manufacturing PMI unexpectedly plunged to 49.6 from 50.4 a month ago. A reading below 50 represents contraction, and this is the first sub-50 reading in seven months.
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