A close second is the Indian Rupee which has colapsed back from its best day in 11 months with a 1.5% plunge. EM bonds are being sold with India and Indonesia leading the way along with Thailand which just joined the bear-market crowd in equity land as its stock market is down 20% from May highs (down 9 days in a row - the most since 1998). Stock markets are all lower with India (banks -2.5% today and 35% from highs) and Philippines worst. Gold remains 'held' under $1400 as the USD (Asian Index) jumps to its highest in 14 months. Treasuries are modestly bid overnight (and US equity futures down slightly). Elsewhere, the Turkish Lira just hit a fresh record low against the EUR and India, Indonesia, Thailand, Malaysia, and Philippines stocks are all down over 12% Quarter-to-date in USD terms.