Stock markets are tumbling worldwide

JAKARTA-INDONESIA (Aug 20)  Now this is an ugly day.  And we'll get right to the big story: Indonesia. The Jakarta market has been getting absolutely wrecked. For the second day in a row it has fallen more than 5%, as it's the latest focal point for the big story of the year, which is the rush of money out of emerging markets.  Nearby, the Thai market (the SET) lost 3%.

Other losers:

• Japan -2.6%
• Italy -2%
• Germany -1.2%
• Spain -1.8%

Meanwhile, US Treasuries have finally caught a little bit of a bid on the flight to safety, as the yield on the 10-year drops to 2.81%.

Meanwhile, even commodities are getting smoked. Gold and silver lower.

So the big themes right now are a general risk offishness, with real pain focused on emerging markets.