OVERNIGHT

It was another bad day for Asian stocks Wednesday as investors took their lead for the second straight session from concerns about the health of global banks. European banks in particular have been under siege and this wasn't lost on investors as they headed for safer harbors like the yen which approached a 15-month high versus the dollar, Reuters reported.

The Nikkei suffered another down day, falling to a 16 month low. It is now off 10% since the BOJ sprung it's most recent negative interest rate surprise on the market. The news from Australia wasn't any better where stocks hit a 2-1/2 year low. It's a market that's in bear territory

We've written before about negative interest rates being a two-way street, causing as much havoc as they bring recovery. That seems to be the case with the banking selloff. The oil and slow growth memes are not new, so something else is afoot scaring investors.

The WSJ reported that Japan’s benchmark 10-year government-bond yields turned slightly positive Wednesday, after falling into the negative territory for the first time Tuesday. Markets in Hong Kong and South Korea reopen Thursday following a holiday, while mainland Chinese markets are closed for the week.

So look for those two days to bring possibly more volatility, something investors don't really need or want at the moment.