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European stocks slid the most in a week after Federal Reserve Bank of Philadelphia PresidentCharles Plosser said that the third round of bond buying may fail to stimulate growth or hiring. U.S. index futures were little changed, while Asian shares fell. Anglo American Plc (AAL) lost 2.5 percent, contributing the most to a decline by a gauge of mining companies, after saying that it plans to reduce its production of coal. BHP Billiton Ltd. [...] EURO CARSH: Spain Getting Smoked. Italy Hammered. Big Sell Off Oil & Copper. Is This Week, The Week?European Stocks Post Biggest Two-Day Decline Since April European stocks had the biggest two- day drop since April as concern grew that Greece will default and more Spanish regions will follow Valencia in seeking a bailout. U.S. index futures and Asian shares dropped. BNP Paribas SA (BNP) paced losses in bank shares. BHP Billiton Ltd. (BHP), the world’s largest mining company, retreated 3.3 percent as a policy maker in China warned of cooling growth. Groupe [...] Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China. Investors hedged against global financial and economic crisis, heading for havens such as the benchmark 10-year Japanese government bond whose yield fell below 0.80 percent to its lowest since July 2003. [...] We did a double take when we read the following lead sentence from a just released Bloomberg report on what is about to take place in China: “China’s stocks regulator will “actively” push pension and housing funds to begin investing in capital markets, and encourage long-term investors such as insurers and corporate pension plans to buy more shares.” To paraphrase Lewis Black – we will repeat this, because it bears [...] A French-German split over Europe’s rescue strategy emerged as finance ministers prepare to meet in Brussels tomorrow under pressure to craft a solution to the region’s debt crisis. With a summit scheduled two days later, a disagreement over theEuropean Central Bank’s role threatens to stymie progress on the banking and economic questions needed to deliver the comprehensive strategy demanded by global policy makers. Luxembourg Prime Minister Jean-Claude Juncker, who chairs the group [...] Courtesy of Phil of Phil’s Stock World Thank goodness the US is closed! Europe is down a whopping 3.5% (so far) this morning, opening in free fall after Asia opened down about 2% on the average (but finishing at the day’s lows). Gold flew up to $1,906 before calming down but oil is down to $84.82 at 6:45 am as the Dollar tests its highs of 75.15 on the Euro’s fall [...] WSJ: Tokyo shares fell sharply early Friday as the global selloff hit Asia’s biggest equities marketBy LESLIE SHAFFER SINGAPORE–Asian shares were sharply lower Friday following a selloff on Wall Street as grim U.S. data triggered fresh concerns of a global economic slowdown. Gold hit a fresh high buoyed by its safe-haven status. “Concerns about the outlook for the U.S. and the global economy have been reinforced yet again,” said Tsuyoshi Segawa, an equity strategist at Mizuho Securities. “So much for two-way risk in markets. [...] From reuters: Traders are keeping en eye on headlines from Egypt as thousands defied a curfew, which state television said would be extended by an hour from Monday, demanding that President Hosni Mubarak quit. “I just think it’s a no-win situation. If Mubarak stays in power you’re going to have a lot of turbulence and turmoil and demonstrations,” said Andrew Brenner, head of emerging markets fixed income, Guggenheim Securities in New York. “If [...] |
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