Stock ETFs fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank may scale back its bond purchases in upcoming meetings, depending on the strength of the job market and other economic data.
On Thursday, Japan led global stocks lower. [Top-Selling Japan ETFs Drop on Nikkei Crash]
“The market has been looking for an excuse for a correction,” said Shane Oliver, head of investment strategy at AMP Capital Investors, in a Bloomberg report. “Bernanke’s comments and China’s PMI data provided the trigger for a sell-off.”
iShares FTSE China Large-Cap ETF