European And Asian Stocks Tank Ahead Of US Jobs Report


Following our decline yesterday, world markets sold off further, in sympathy. Some skittishness ahead of this morning’s jobs report (8:30 AM ET) may also be at play.

Bloomberg: Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc slid after the National Audit Office said the two banks are failing to meeting lending targets. Bank of America Corp. slipped in Germany after raising $19.3 billion selling securities. Greek banking stocks plunged after analysts at UBS AG cut their rating for Piraeus Bank SA, the nation’s fourth- biggest lender. Baloise Holding AG rose after UBS recommended buying the stock.

The Dow Jones Stoxx 600 Index of European companies declined 0.4 per cent to 245.42 at 9:20 a.m. in London, paring its weekly gain to 1.2 per cent. The gauge has rallied 25 per cent this year on signs government spending and record-low interest rates are helping to drag the economy out of recession The MSCI Asia Pacific Index fell 0.2 today, retreating from a 15-month high.

The good news: US futures are ticking higher, though again, the jobs report renders most of this meaningless.

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