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Europe's Debt Crisis Re-Emerges July 12th 2011
Last Updated on Tuesday, 12 July 2011 11:14
- US markets have fallen again overnight as concerns that the European Sovereign Debt Crisis is spreading outside of Greece intensify. Italian and Spanish yields have jumped to Euro era records as a result and the Italian and Spanish equity markets fell 3.96% and 2.96% respectively
- Financial stocks were hard hit as investors are concerned that banks wouldbe forced to write of assets. BAC, JPM and WFC fell 3.3%, 3.2% and 2.51%
- US reporting season unofficially kicked off this morning with Alcoa reportingto the market after the close. Alcoa posted a profit of USD322 Million or 28 cents per share, up from USD136 Million or 13 cents a share last year. Although a stronger result some analysts were expecting a stronger number. Following Alcoa this week other bellwethers such as Google, CitiGroup and JP Morgan will also report there Q2 results to the market
- Overnight falls were dominated by financials with BAC, JPM, HPQ and AA leading the Dow stocks, falling by 3.27%, 3.22%, 3.13% and 2.87%
- Dow –151.44 pts, NASDAQ –57.19 pts and S&P500 –24.31 pts
- EUR fell to a 1.3985 low against the USD overnight as Euro fears intensify. GBP fell below 1.5900 in sympathy to the EUR. The AUD pulled back from recent trading above 1.0700 to make a low of 1.0626 as risk appetite waned
- Gold rallied on safe haven buying despite USD strength, topping out at USD1556.80. Crude fell another 1.09% to USD95.15 after yesterdays falls
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