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Financials are getting crushed again in today’s market crash, with Soc Gen leading the sell-off.The firm has denied market rumours that the bank is facing liquidity problems, which has lifted it up slightly from hitting lows earlier today when Soc Gen was down around 21%. It’s currently down 17%.
Bank of America is also down, as Brian Moynihan’s appearance on CNBC last night must have failed to instill confidence.
We’ll see if his big hedge fund conference call – which we’ll be covering live at 1 PM today – does anything to alleviate fears.
Citi is also down big today, currently almost 10%.
All financials are of course exposed to low U.S. markets and fears that they have exposure to the Euro crisis, which people worry will not be contained.
The Euro bank sell off should be great news for many hedge funds which have been shorting Euro financials in expectation of their being adversely affected by the Eurozone crisis.