Stocks in Asian trade had varied results. Australia managed a quarter percent gain, but the Nikkei lost a third of a percent, the Hang Seng fell 1.4% and Shanghai was down four percent. Shanghai has now fallen more than nine percent from a seven month high mark set four days ago; concerns about additional tightening by the PBOC and rumors that authorities will institute price controls to keep a lid on inflation have weighed on the market. European indexes are broadly weaker this morning as debt concerns continue to be a factor. The Footsie is currently off by 1.5% and the Dax is down three quarters of a percent. US stock futures are down about two thirds of a percent.