Photo: Steve Jurvetson on Flickr
The bad times continue.Markets continue to sell off starting with Japan, where the Nikkei fell 2.3%, the market’s worst decline all year.
Europe is looking weak as well. Spain is down 0.9%. Italy is off 0.8%. Germany is off 1.2%.
US futures are down 0.5%.
Yesterday’s seemingly hawkish FOMC minutes are perhaps not helping. We’ve also had a string of Eurozone services PMIs today, which were predictably not very good. Later on today we’ll get US services PMI, and of course the ADP jobs report.
UPDATE 4:57: Spain just had a bad 3-year bond auction, which saw a bid-to-cover ratio that was significantly lower than the last equivalent auction in March. That’s not helping matters today, as the mood remains negative.
Meanwhile, Doug Kass just declared the liquidity rally over.