Asian and European shares have tumbled as investors continue to worry about the Chinese economy following poor PMI data on Thursday and about the effect of Fed tapering. Emerging markets are front and center in the sell-off amid country specific trouble in Turkey, Argentina and Thailand in particular. Money has been flowing into havens such as gold and the yen, which was 102.65 to the dollar at the time of writing vs 104.71 on Thursday morning. As is the way, that has sent the Nikkei spiralling.
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