Shanghai Crash

Overnight, Asian stocks were down across the board, led by Shanghai.

China's Shanghai Composite dropped 5.1%, amidst continuing indications that China is slowing money growth.

Hong Kong's Hang Seng Index fell 2.1%, Japan's Nikkei Stock Average lost 2.2%, South Korea's Kospi gave up 2.6%, Australia's S&P/ASX 200 shrank 3.1% and Taiwan's Taiex contracted 2.2%.

There are no indications of spill over into either European or U.S. markets.