US equity futures have come under heavy pressure in the last few minutes, sliding about 1.2%. This has helped drag EUR/USD to fresh session lows at 1.3730.
News that the US government will pump another $7 bln into GMAC, the auro financing company is raising eyebrows. That giant sucking sound you hear is the entire auto industry and allied companies dragging Uncle Sam down with them…
Also getting attention today is the shift in sentiment toward emerging markets by many investors. The fear is that asset mamagers have gone overboard in drinking the green shoots Kool aid and a pullback is long overdue.
