Hang Seng detonates: Alibaba, Baidu in freefall — Global markets enter panic spiral

Hang Seng is getting torched in real time. This isn’t a drawdown — it’s a detonation. The index is collapsing 9.1% as I write this, with Alibaba and Baidu both plunging over 12%. The Hang Seng Tech Index is now down 23% from its March peak — forget correction, we’re staring down a tech-led margin call massacre. This is your Trade War 2.0 wake-up call, and the market just hit the panic button.

Meanwhile, Japan’s financials just faceplanted — the TOPIX Banks Index is down over 12%, forcing circuit breakers to slam shut on TOPIX futures. Traders are already leaning hard on BoJ bailout watch, with Ishiba floating a “broad deal” with the U.S. That’s not diplomacy — that’s survival mode.

On the rates tape, it’s just as brutal. When the Fed dropped 50bps back in September, the 5Y5Y sat at 2.39%. Today, it's 2.29%,. Hence rates traders have five full cuts already priced in. Mr. Market is screaming for policy rescue, but Powell’s still in ghost mode.

Let’s not kid ourselves — this isn’t just another risk-off session. This is a systemic re-rating of the global growth story. Tariffs. Recession. Tech carnage. FX dislocation. Credit cracking. Commodities puking. The entire complex is flashing red. If you’re long risk without hedges, you’re a spectator to your own portfolio funeral.

And yes, charts are going full horror show. Terminals lit up like Christmas — but all red. The S&P’s $5.4 trillion drawdown in 48 hours now looks like Act One. The bears are driving and there's no brakes on this thing unless the White House blinks or the Fed folds.