The stock market kicks off the week on a low note as overseas markets
tumble. Still, opening losses are an improvement from earlier futures
market indications.
Japan's Nikkei fell 6.4% to its lowest closing level since 1982 as
traders worried that the strengthening yen will take a toll on Japanese
exporters. The recent sharp rally in the yen prompted the G-7 to issue
a statement warning about the "excessive gains" in the currency. Hong
Kong's Hang Seng dropped 12.7%.
South Korea cut its benchmark interest rate by 75 basis points to 4.25%, which was its largest cut ever.
The major European bourses are trading with losses ranging from 1.8% to 4.2%.
The dollar is up 0.9% as it gains against European currencies. The yen continues strengthen against the dollar.