· The Dow Jones Industrial Average fell 391.64 points, or 1.58 percent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 percent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 percent, to7,396.59.
The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of U.S. banks tumbled.
· Italy has been unable to assemble a coalition government since inconclusive elections in March, which saw the rise of anti-establishment parties that support leaving the euro. The most recent nominee for prime minister failed to secure support from the country’s major political parties.
· Asian markets declined on Wednesday as a sell-off in U.S. and European markets weighed on sentiment during the Asian trading session. The political crisis in Italy took center stage, with investors concerned over its implications for the rest of the euro zone.
· The Nikkei 225 fell 1.76 percent in Tokyo, with the banking and non-ferrous metals sectors leading losses in the morning. The broader Topix was down 1.62 percent as all of its 33 subindexes traded lower.
· Seoul and Sydney registered slightly more measured declines in the early going. The Kospi slid 1.16 percent, with heavyweights like Samsung Electronics and Posco losing 1.17 percent and 2.72 percent, respectively. Meanwhile, the S&P/ASX 200 edged down by 0.8 percent, with the financials subindex leading the move lower.
· MSCI's broad index of shares in Asia Pacific excluding Japan eased 0.51 percent in Asia morning trade.
Reference: Reuters, CNBC
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