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One weekend and no debt ceiling deal later, and markets all around the world are worse than they were Friday.It’s not dramatic, panic selling yet. But it’s widespread.
US futures are all pointing down close to 1%.
Asia fell across the board.
In Europe, the PIIGS are doing poorly. Italy is down 1%. Its yields are widening again.
Today will prove to be decisive on the debt ceiling front. Both Reid and Boehner will introduce competing deals, and if it’s instantly obvious that neither is palatable to to the other side (a pretty good expectation) then you can be sure that the negotiations are even further off the rails.
For more on the latest developments, see here.
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