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European Opening Comments

Posted:02/12/2008 8:04 by Eric Culp
US shares tanked Monday after it was revealed the world's largest economy has been in recession since December 2007 and FED Chairman Ben Bernanke indicated the downturn could be worsening. The Dow plunged 7.7%. The S&P shed 8.9%. The Nasdaq lost nearly 9%. The bloodletting continued in Asia, where global economic concerns pounded stocks. The Nikkei fell 6.4%. The ASX lost 4%. The Hang Seng dropped 4.7% European shares were called sharply lower. The DAX future fell 1%. The CAC future dropped 2.2%. The economic data calendar is light today, with EZ November PPI scheduled for 1000 GMT. The currency market -- with the exception of the Aussie -- is taking a breather after the monster vacillations over the past few weeks. AUD/USD was off 0.8%. EUR/JPY was flat. GBP/JPY slipped 0.1%. USD/JPY was steady. EUR/USD rose 0.1%. Cable was little changed. Bonds surged yet again as investors fled stocks. The 10yr Bund future was up 38 ticks to 122.87. The 10yr Bund yield fell 5bps to 3.12%. The 10yr Gilt was up 2bps to 3.67% after a massive slide Monday. The 10yr JGB fell 5bps to 1.35%. The 10yr T-note ws off 2bps to 2.71%. Oil fell down a well as renewed growth concerns hurt demand hopes. WTI was off 3.3% to $47.66. Brent lost 3.7% to $46.20. click here to return to the top of the page
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