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Asian stocks at a 3-years low

Monday, Aug 24 2015
Asian stocks slumped to 3-year lows on Monday as a slump in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown churned world markets. A 2.6% fall in S&P 500 mini futures ESc1 to a 10-month trough during Asian trading hours suggested the falls could continue later in the global session.
 
Safe-haven government bonds and the yen rallied on the widespread unrest in the financial markets, set in motion nearly two weeks ago when China sharply devalued the yuan and stoked concerns about the state of its economy. Copper, seen as a barometer of global demand, tumbled to six-year lows as the anxiety over China sapped investor confidence. 
 
"The market is in a downtrend. There's no good news, stocks are still expensive, and there's no fresh money coming in," said Qi Yifeng, analyst at consultancy CEBM. "With no RRR (reserve requirement) cut over the weekend, the market will directly head south."
 
Fears affected Aussie as well which fell to recent low at 0.72 handle, where pair found some amount of support. There will be no major data releases in the rest of the session.
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