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Originally posted by hypr2011
Looking at the downward trend with the stocks in Asia, Europe will follow the same path, but it might be a bit worse coupled with the problems Italy, Spain and Greece have been having with debt.
Buying Italian and Spanish debt may require the ECB to massively expand its balance sheet and open it to accusations of bailing out profligate nations, breaching a key principle in the euro zone’s founding treaty. Germany’s Bundesbank opposes the move.
LONDON (MarketWatch) -- European stock index futures dropped sharply Monday, pointing to losses for all of Europe's major markets following Standard & Poor's decision to downgrade the U.S. on Friday. Futures on the FTSE 100 index dropped 121 points, or 2.3%, to 5,109 and futures on the German DAX 30 index were down 131.50 points, or 2.1% at 6,126. The losses for European futures came as Asian markets also posted big falls, including a 2.2% drop for Japan's Nikkei Stock Average
LONDON (MarketWatch) — European stock markets rallied Monday as a pledge from the European Central Bank to buy sovereign bonds sent bank stocks soaring and helped investors shrug off the decision by Standard & Poor’s to downgrade the U.S. credit rating.
The early rally in Europe is already over, and the mood has turned to the negative, big time.
Italy, which had been up over 3% in early going is now off 0.5%.
Germany is down about 2%.
France is down 1.8%.
In the U.S., futures are down about 2.5% — close to the worst of the day — after at one point being just off less than 1%.
Already a crazy day, and most of you aren’t even up yet.
Treasury yields have also been up and down this a.m., while U.S. stock futures for their part have at least been consistent so far: Down, down and down.