Photo: mark sebastian, Flickr
The selloff continues.US futures are down a bit under 1%.
Spain is down 0.9%.
Italy is off 0.6%.
Asia lost ground across the board, including a 1.3% fall in China.
Crude is down.
Silver is down.
So what’s going on? It’s kind of hard to say.
This from SocGen’s Kit Juckes — in a note titled ‘Gloom Won’t Lift’ — takes some stabs:
So much for optimism that positive ‘mood music’ over the US fiscal cliff would help calm markets after the post-election sell-off. Our Asian colleagues are blaming newspaper reports that a trial of property taxes in China may be extended, and concerns about weak consumer demand. The FT leads with an IMF/EU Feud over Greek debt. Either way, the US looks set to come back to the fray to ‘more of the same’ with risk aversion rife, EM markets (ZAR to the fore) on the back foot, and EUR/JPY the biggest mover (down) of the majors.
Not convinced? Don’t worry. Nobody really knows what’s going on.
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