And we're back!

Good morning folks, and welcome to what's already another very interesting day in world markets.

Japan got creamed again yesterday, with the Nikkei falling over 4%. Year to date, the formerly red-hot index is off 14%! Hong Kong fell nearly 3%, and now it has officially entered "correction" territory.

European markets are down across the board.

These moves follow an ugly day in the US yesterday, which saw the Dow tumble over 300 months, as the index hit a 3-month low.

Suddenly a world that seemed quite calm economically is having issues pop up all over the place. China is slowing. The US data has been so-so. There's pressure on the Bank of England to tighten. Emerging markets are getting clobbered. People are losing confidence in Abenomics.

Of course, when markets decline, people always make up stories about why.