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Nosedive

Markets Plunge in Europe and Asia

Summers: Drop could have “dire consequences.”

Following a slump in Asian markets and widespread concern over relations between North and South Korea, European markets took a steep drop Tuesday morning with Stoxx Europe down 3.2 percent, FTSE in London down 3.1 percent, and the Athens Stock Exchange down a full 4.1 percent. “We’ve seen a number of major indices crash through significant support levels, leaving many traders a bit shell-shocked,” said a market strategist at GFT. Obama economic adviser Larry Summers also had less-than-encouraging comments on the drop, saying that it could have “dire consequences for financial markets.”

Read it at The Wall Street Journal

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