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Update: Markets are still higher than they were initially Sunday night, but after an attempt at a comeback are fading.
US futures are now down closer to 2%. They were down less than 1% about an hour ago.
Bumpy ride ahead
Original post: It’s still hours and hours before the US gets to the opening bell, but for now the impact of the downgrade is already looking quite muted.
Again, it’s early. Anything can happen once the US really gets revved up but at the moment, US futures are off around 1%.
That compares to selling of closer to 3% in the very early hours of Asian trading last night.
Europe, which saw a brand new “bailout” by the ECB announced last night is seeing an across the board rally.
Italy’s FTSE MIB is up 3.7%. France is up 1.1%. Spain is up 3.5%.