The Post Summit Rally Is Over: European Market And US Futures Are In The Red

Asian markets are still catching up to yesterday’s post-EU-summit rally. The Nikkei closed up 1.4%; Shanghai up 1.55%; the Sensex up 2.9%.

European markets started fading after a bad Italian bond auction and are now mostly in the red. At least French banks Credit Agricole and BNP Paribas are both up over 3%.

In America the rally looks to have run out of steam. Yesterday’s 340 point gain for the Dow has receded around 60 points in overnight trading.

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