Indonesian Stocks Get Destroyed

Earlier we mentioned the weakness in India, but if you want to see some real carnage today, check out Indonesia.

The Jakarta market is down over 5%.

Jakarta Stock Exchange Composite Index, via Bloomberg

What's going on in Jakarta today is redolent of what's been happening across the emerging world all year.

There's been violent currency weakness (perhaps in part to higher US interest rates leading to a stronger US dollar) and also a deteriorating trade situation