- Goldman recommends S&P shorts; says Fed’s on hold
- Moody’s expected to downgrade over a dozen large global banks after close
- US weekly jobless claims 387,000 from revised 389,000
- Market flash US PMI falls to 52.9 in June from 54.0 in May
- US Index of leading indicators up 0.3%
- Philly Fed survey tumbles to -16.6 from -5.8; much weaker than forecast
- US existing home sales fall 1.5% in May
- Germany’s Schaueble says bond-buying is in the rule book, says the EFSF can use leverage; raises hopes for Spanish bailout
- Canada tightens mortgage rules, trying to avoid housing bubble
- Fitch: Switzerland could lose AAA rating if European intensifies
- ECB eases collateral rules, ignores ratings
- Dutch FinMIn: Little leeway for Greece
- Citi sees Grexit catalyst at December Troika review
- Spanish banks may need up to EUR 62 bln in worst case scenario: Spanish audit
- BOE’s Weale: More room to ease but bank lending plans may work better; GBP may need to weaken
- WTI falls to $78.44, down $3, Brent $89.32, down $3.37; lowest since December 2010
- S&P 500 falls 2.2% to 1325; US 10-yr note yield falls to 1.62%
Risk off, pure and simple. Terrible US data, disappointment that the Fed did not do more yesterday and the impending Moody’s bank downgrades put Mr. Market into an early funk from which he never recovered.
Watch 1.2520 near-term. A clean break should see pressure to the downside intensify. Sellers now in the 1.2570/90 window, traders report.
