Hong Kong Leads Asian stock losses as Europe prepares for downside- check the DAX futures this morning

Stocks in Hong Kong have tumbled this morning as the markets start to question the effectiveness of the test RRR move by the PBOC the other week. Of course all the mainland Chinese stock markets have been closed for more than a week for the Golden week holidays and hence had plenty of time to digest recent news and developments. So, what is clear today; is the euphoria of the other week has given way to some more practical reality about the true economics of the situation. So, with Hong Kong deep in the red today that has helped to push the Nikkei 225 lower and in turn these moves have pushed the European futures even lower. The lower closes across Wall Street last night did not help either and so the main indexes here in Europe will open markedly lower this morning. The DAX closed yesterday at 19,104 and it was the only major European index to end in the red. The DAX is set to open at around 18,945 having perhaps just now gotten a slight boost from the better than forecast German data released a short while ago