LATEST UPDATE, FRIDAY, 10:47: Did the Feds start the market crash with a story in the WSJ about the “Feds eyeing cash in European banks in the U.S.,” and, if so, why? Did the Feds plant the story to get support for a new monetary policy such as QE3 – could this be the reason the President is not coming out with his new “ideas” until after his vacation?
The WSJ would never come out with a story like this, knowing its likely effects on the market, unless they had the information from the highest echelons (which they would double check and triple check). So, did the Feds plant the story so the markets would bomb? It leaves open the possibility that Obama, who is on vacation at a strange moment in our stock market history, can come back as the savior. with a suddenly acceptable monetary spending plan.
Look at the immediate consequences. Click for more information.
Friday Update: U.S. Futures pointing to a sharply lower open as recession worries continue into Friday. Gold blasts past $1850. European shares sank to two year lows,Nikkei ended -2.51%,China -.98%
Germany has refused to back the Italian bonds and their own GDP is at a standstill during the 2nd quarter. Since Germany has been bailing out the entitlement PIGS (Portugal, Ireland, Greece, and Spain),£ that does not bode well.
The Nikkei slipped over global growth concerns. Hang Seng fell -272.76. Jobless claims rose slightly in the U.S. The Swiss franc fell. German stock fell by as much as 4%. See the breakdown here: Bad omen for the stock market today.
EUROPEAN INDICES from Reuters –
|Symb||Index||Mkt Report||Time||Last||Chg||Chg %|
|.TRXFLDGBP||Thomson Reuters Equity UK Index||9:06am EDT||96.07||-2.99||-3.02%|
|.TRXFLDDEP||Thomson Reuters Equity Germany Index||9:06am EDT||103.04||-4.23||-3.94%|
|.TRXFLDFRP||Thomson Reuters Equity France Index||9:06am EDT||99.16||-3.41||-3.33%|
|.FTSE||FTSE 100 Index||View||8:51am EDT||5,184.67||-146.93||-2.76%|
|.FTMC||FTSE 250 Index||View||8:51am EDT||10,060.22||-309.20||-2.98%|
|.FTT1X||FTSE techMARK 100 Index||View||8:51am EDT||1,861.42||-54.49||-2.84%|
|.GDAXI||DAX Index||View||8:51am EDT||5,721.87||-227.07||-3.82%|
|.FCHI||CAC 40 Index||View||9:06am EDT||3,143.68||-110.66||-3.40%|
|.SSMI||SMI Index||View||8:36am EDT||5,273.32||-147.89||-2.73%|
|.SMSI||Madrid General Index||8:50am EDT||854.30||-29.84||-3.38%|
|.OMXSPI||OMX Stockholm All Share Index||9:06am EDT||289.25||-12.45||-4.13%|
|.OMXHPI||OMX Helsinki All Share Index||9:05am EDT||5,419.65||-230.61||-4.08%|
|.OMXC20||OMX Copenhagen 20 Index||9:06am EDT||359.09||-10.93||-2.95%|
|.OSEAX||Oslo Exchange All-share Index||8:51am EDT||413.08||-13.65||-3.20%|
|.ISEQ||ISEQ Overall Index||8:51am EDT||2,482.75||-83.47||-3.25%|
|.BFX||Bell 20 Index||View||9:06am EDT||2,171.73||-82.98||-3.68%|
|.AEX||AEX Amsterdam Index||View||9:06am EDT||283.30||-9.35||-3.19%|
|.IBEX||Ibex 35 Index||View||9:06am EDT||8,410.40||-317.80||-3.64%|
|.BVLG||PSI General||16 Aug 2011||2,421.77||+24.10||+1.01%|
|.STOXX50||DJ Stoxx 50 ETF||View||15 Aug 2011||2,245.75||-2.63||-0.12%|