Markets have already come full circle in regards to the European bailout and the euro. The currency continued its bleed from yesterday, indeed turning the initial post-bailout-announcement pop into a sucker rally. EUR/USD has broken through $1.27.
(Charts via Finviz)
Stock markets are having second thoughts as well. In Asia the Chinese CSI lost 2.01% and the Hong-Kong Hang Seng lost 1.37%, the Japanese Topex is down 1.33%. Over in Europe, France’s CAC 40 INDEX went down 1.52%, the German DAX Index lost 0.93% and the FTSE in Britain also lost 1.28%.
Gold is back up to near $1,210 while interestingly the U.S. dollar index is up almost half a per cent as well.
U.S. futures are pointing downwards, with the Nasdaq and S&P futures down 1%, as seen in the graphic below from Finviz.
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