End of Day report

ASX 200 closes down 195.1 points at 4918.4 as losses accelerate into the close. Miners and energy stocks bear the brunt. ASX 200 back to levels of March 2006. Japan down 4.05% and China off 2.5%. US Futures down 64.India unexpectedly cuts rates 0.50% to 6.75%. It was all about resources today as we test the recent intraday low at 4928.If the US does not meltdown tonight expect a dead cat bounce off the lows tomorrow. The vultures smell blood in Glencore as the company struggles under a huge debt burden and low commodity prices. Big falls in the UK and Hong Kong were bad news for the mining sector with resource stocks taking out multi year lows. (VIEW LINK)