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As fears grew that the rise in many stocks was unsustainable, the selling started.
The selling started after the Bank of Japan decided not to make any new attempt to spur growth in its nation's economy, which is the world's third largest.
The selling started in early May, and became particularly intense after Ben S. Bernanke, the Federal Reserve chairman, said the central bank might pare back the enormous bond-buying programs it has undertaken to support the economy.
Buoyed by an army of individual investors, many of whom borrowed heavily to speculate on shares, the Shanghai stock market had surged more than 150% in 12 months before heavy selling started in June.
The selling started when investors suddenly became troubled by what Thornburg money managers had worried about all along: the continued ability of the tobacco companies to make the payments to the states that cover the principal and interest on these bonds.
The selling started about halfway through the European trading session when the European commission said the eurozone will struggle to emerge from a double-dip recession next year as deep budget cuts stifle growth - adding that the eurozone as a whole would contract by 0.4% this year and grow by 0.1% in 2013.
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Before selling, start looking at your product from buyer's perspective.
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Tickets will be sold starting tomorrow on the Lower Level.
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