Oil is down only $1.70 late in the session at $76.30, reversing most of its earlier losses. Crude traded as low as $72.39 electronically at the height of the panic.
Equity markets close in about 10 minutes and are down only 1.2% at the moment. EUR/USD is at 1.4975 after a tip toward 1.4950 30 minutes or so ago. A pretty impressive comeback.
It will be interesting to see if Abu Dhabi comes to the rescue of Dubai over the weekend. If they don’t, we may see a second wave of contagion come Monday.
