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Asian markets add to European woes

Overnight we heard news that Japan's Prime Minister Yukio Hatoyama will be resigning and the favourite to replace his is apparently of the view that the yen should be weaker. This has prompted a significant selloff in Asian markets which is likely to transfer to European markets later today. So why are worldwide markets so jittery?

There is no doubt that various issues around the world have come together to create something of a nightmare scenario for investors with uncertainty appearing on every continent. The only light at the end of the tunnel seems to be coming from the American economy with construction data proving something of a support yesterday afternoon. However, there's a feeling that woes in the European and Asian stock markets will overcome this support from the American economy yesterday and we could be in for a significant fall in the short to medium term.

Asia has for some time been part of the main engine room of the worldwide economy and uncertainty in this region of the world will cause concern amongst investors. At this moment in time the UK FTSE 100 is down about 1.5% and fast approaching the 5000 support level. It is difficult to know at this moment in time where the good news could come from.

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