January started off on uncertain footing, with enthusiasm over improving economic data tempered by the strong likelihood of Fed tapering. Moreover, weak fourth quarter earnings put selling pressure on the stock market.

With speculation of Fed tapering, emerging market currencies sold off, with notable drops in the Turkish Lira, Argentine peso and South African rand. [Tapering Bets Send EM Currencies Reeling]

Moreover, uncertainty over emerging market growth, notably in China, the second largest economy in the world, compounded pressure on equities.

So far, the stock market decline in January is looking like the worst since 2010.

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