15 million out of work in Europe with estimates between 15-19% unemployment. Import and Export way down as many fear the global recovery won't be fast enough. Earlier in Asia, Japan's benchmark Nikkei 225 stock average tumbled 227.04 points, or 2.4 percent, to 9,420.75 -- its sixth fall in a row and its lowest close in six weeks. Worse-than-expected machinery orders data disappointed investors and fanned concerns about the fragility of the world's second-biggest economy.
The losses in Europe and Asia follow further declines on Wall Street -- the Standard & Poor's 500 index is now below its 50-day and 200-day moving averages and below where it started the year, even after 15 percent gains in the second quarter, its best performance since 1998.
The start of the second-quarter earnings reporting season later will provide clues about whether companies have already seen the worst of the recession or whether they are still struggling in the first synchronized global economic downturn since the Second World War. Aluminium company Alcoa Inc. is the first Dow constituent to report.
"The Q2 earnings season starts today and investors will be monitoring this closely to see whether earnings estimates are justified," said Neil Mackinnon, chief economist at ECU Group.
"I think they are not so I am expecting disappointment," he added.
It's not just a mountain of sellers in the whole solar group, they are going back to their march lows and will possibly break them and go even lower.