After initialy heavy, crash-like selling markets have come back a little bit.
French banks got crushed in the early going — hurt by a WSJ article about their funding problems — but have recovered a bit, though BNP Paribas is still lower.
US futures are sliding again, but are all down by less than 1%.
Original post: The big comeback from yesterday was fun while it lasted.
Now it’s over.
After a start in the green, Europe has turned sharply negative, with French banks leading the way downward for the second day in a row.
BNP Paribas is off 11%.
SocGen is down 6.6%.
Remember, French banks got killed yesterday too on Greek debt and downgrade fears. Now it’s happening again.
Worries continues regarding Greece, downgrades, and the difficulty of short-term funding right now.
Meanwhile, this is all spilling over (as you’d surmise).
US futures are down over 1.3% in the US. The Dow is indicated to open down 140.
UPDATE: Some of the selling has abated, but markets are still down hard. And it turns out that the panic, at least temporarily, might be associated with a WSJ article.
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