Markets sell off on Italian debt concerns $SP500.I

Last Updated on Thursday, 10 November 2011 10:35

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Markets across Europe and the US fell heavily overnight as concern continues to mount around Italian debt levels. Yield’s on Italian debt remain at elevated levels with the concern being that Italy's EUR1.9Trillion debt is too large for its European neighbours to fund
Greek politicians are continuing to work towards naming an interim replacement PM to usher through the recently announced austerity measures. House speaker Filippos Petsalnikos has also been mentioned
In US economic news, Wholesale Inventories fell 0.1% in September for the first time since September 09. Weekly mortgage applications were higher, as financing demand rose on the back of lower interest rates
GM fell 9.5% as it announced it would not meet its European sales target
Banking stocks were hit hard with MS and BAC down 7.8% and 4.5%
Dow Jones –3.20% S&P500 –3.67% NASDAQ –3.88%
USD rallied on risk being taken off the table, EUR dropped to a month low of 1.3522. Commodity currencies also fell with AUD low of 1.0122
Gold was off slightly as investors close profits, Crude pulled back 0.5%

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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