US Futures Are Falling And Gold Is Surging, As Weekend Goes By Without A Debt Deal

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Photo: The Pocket, Flickr

Original post: Although John Boehner had hoped to have a debt ceiling deal in place by this evening, it’s clear now that the two sides remain far apart.As such, there’s considerable concern about how markets will react to the news that the US drop-dead-default-day is zooming into sight.

So far? We’re seeing some selling in the dollar against the yen and the Swiss Franc, though by now that’s become an incredibly common occurrence.

Nikkei futures are off only modestly.

That markets would crash today has always been something of a contrived fantasy (one wished for by politicians on both sides of the aisle, hoping that market forces would help get their fellow politicians in line with a compromise. But with several days to go before August 2, the market may not be ready to freak out (Knock on wood… Monday is barely beginning).

Refresh this post for the latest.

Update 6:04 PM ET: S&P futures are falling 1%. Not a crash by any means, but enough to confirm that markets aren’t pleased. Meanwhile, gold is booming to new all-time highs.



Update 8:02 PM ET: Panic will have to wait in Asia. The Nikkei is off just 0.4%


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