It seems as if we read the headlines and worry about what's happening with the latest bond auction in Spain. Depending on the word of the day, the markets react.
Meanwhile, in Asia, they're actually looking at the glum US economic numbers.
(If the Asian headlines can be believed...)
The reason du jour for today's weakness in Asian markets is US economic news! Always blame somebody else!
http://www.miamiherald.com/2012/04/19/2758428/asia-stocks-weighed-down-by-glum.html#moreb