By Carlos Guillen

Equity markets ended the trading session sharply lower yesterday after the Bank of Japan kept its monetary policy unchanged, disappointing investors that expected more stimulus and increasing fears that global central banks will not maintain their monetary easing. After much volatility, when all was said and done yesterday, the Dow Jones Industrial Average lost over 116 points, and today equity markets continue to experience quite a bit of oscillation as the fear and uncertainty of the Fed tapering intensifies.

Adding to the volatility being experienced is that there is virtually no significant economic data for investors to sink their teeth in today; moreover, trading volumes remain low.

Over in Europe, stock markets had a down session despite that Industrial production in the euro zone increased 0.4 percent in April, beating forecasts. At the moment, the main concern in Europe is what direction the German Constitutional Court, which was meeting for a second and final day, will take on the legality of the European Central Bank's bond-buying program.

At the moment equity markets appear to be recovering from the day's lows but are still moderately lower, with the Dow in the red by over 60 points after starting the trading session up over 110 points. Later this afternoon the Treasury budget will be released and we'll get a closer look at how much expenses are running above government revenues.

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