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UPDATE:After a (relatively) quiet start to the morning, virtually the entirety of yesterday’s euphoric, post-FOMC rally is dissipating, and once again Europe is at the centre of the concern.
Except this time, it’s not even about Italy, so much as it is about France.
French banks, most notably SocGen, are getting destroyed. It’s currently off about 14%.
Others are off a bit less so.
The Dow is now off over 420
Whether the selling is “rumour-driven” or not, this can’t go on much longer.
The market has chewed through the periphery, and now the core is under threat.
Original post: EUphoria off.
After a quiet start to the day, markets are diving again in the early going here.
Dow futures are off 160.
NASDAQ futures are off 1.8%.
Europe, which had been rallying earlier, is seeing selling across the board.
All the Italian banks are getting smashed.
It gets worse. Now Dow futures are off over 200 points. NASDAQ off nearly 2%.
Lots of damage at French banks. SocGen is off 9.2%.
The market is open, and it’s ugly. The Dow is off over 277, and the S&P and NASDAQ are off over 2%.
France is still getting creamed. More on that here.