It’s like deja vu all over again. Forget the G7, the TARP, the SARP and the rest of the global alphabet soup. The markets remain on the edge of panic and need these programs to begin gushing capital in a big, fat hurry.
Emerging markets are getting hammered again. Brazil, the shining start of the BRICs is down 10% at the moment with trading halted for a cooling off period. US investors have returned to the sell-side in EUR/USD, pushing prices down the 1.3510, the 50% retracement of the Friday/Monday rally. These guys have been selling in waves for the fourth session running.
