You might have woken up this morning and checked U.S. stock futures. You might have noticed they were down roughly 1.5 percent and wondered, "What happened between the close yesterday and overnight that made futures go down 1.5 percent?"
The answer is, not much. There have been no big headlines. Just a few small ones that, collectively, have added up.
Some traders have pointed to a new report from the Asian Development Bank (ADB) that lowered Asian growth forecasts for 2015 and 2016 on softer prospects for India and China.
The ADB now sees GDP for China at 6.8 percent in 2015, down from 7.2 percent earlier. India is projected to grow 7.4 percent, down from an earlier 7.8 percent forecast earlier.
Read More ADB slices Asia growth forecasts
There was the usual discussion of the knock-on effects of slower China growth on Southeast Asia, as well as soft global commodity prices which puts pressure on Asian commodity-focused export economies like Mongolia, Indonesia, Azerbaijan, and Kazakhstan.
Still, stocks in China ended up fractionally.
European markets opened down modestly and have drifted steadily lower. The dollar is modestly higher, but commodities like copper also began trading lower overnight and have also drifted lower through the morning.
Credit Suisse was also out with a cheerful report on commodities entitled, "Race to the Bottom."
"There is little to like about most commodities over the medium-term, just relative degrees of unloveliness," the report concluded, citing the long-term problems of falling demand and rising supply.
Anglo-American and other miners had their ratings cut.
Of course, commodity stocks have been especially weak in Europe. Glencore has dropped to a new low in London, down 14 percent.
Read More It could be a long time before it's safe to buy oil
Finnish stainless steel manufacturer Outokumpu is also down 14 percent after cutting third quarter guidance, citing lower stainless steel deliveries and a poor nickel price environment.
To add fuel to the fire, car manufacturers are weaker across the board after French Finance Minister Michel Sapin called for a probe of the entire sector in Europe on the heels of the Volkswagen scandal.
Oil, of course, has given up a large part of yesterday's gains. Energy stocks are lower. Weatherford, which yesterday was down big on its announcement that it would float a $1 billion equity offering and debt raise, canceled that offering after the big unfavorable reaction, and who could blame investors for screaming? A $1 billion capital raise is a lot for a company with a $6 billion market cap.