BLEEDING: HSI Tumbles THREE PERCENT; European 2012 Stock Gains WIPED OUT!

Asia’s stock markets tumbled in a broad-based sell-off on Wednesday as investors reacted to news that Greece’s political impasse would force new elections in the country by dumping equities. The Greek news overcame relatively positive U.S. economic data to send the Dow Jones Industrial Average to near a four-month low Tuesday, offering a negative lead for the Asia markets. Hong Kong’s Hang Seng Index was among the region’s worst performers Wednesday, plunging 2.8%, with Sullivan citing the Hong Kong market’s relatively high liquidity as making it relatively easy to sell out of. – Market Watch

Elsewhere, Oil slipped to $92.13 in overnight electronic trading; while the European markets opened 3:00 AM New York time, drifting into territory not seen since December 2011. Also, the KOPSI in South Korea closed lower Wednesday more than 3.2%. All this is good news compared to Greece: The markets there are trading in levels not seen since… 1992!

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