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It feels like Groundhog day in Europe.  Greece fears are escalating and European markets are sharply lower.  The Europeans are just unwilling or are unable to deal with their woes in a timely manner. DJIA futures are down about 100 points again. These are the ADRs of mostly European companies which have traded this morning and leading the markets lower with the FTSE down 3.1%, the DAX down 3.7% and the CAC down 3.2% are as follows:

Alcatel-Lucent (NYSE: ALU) is indicated down 4% at $2.32 but shares are down about 7% in local trading in Paris.

Arcelor Mittal (NYSE: MT) is down “only” 1.1% at $15.33 and BHP Billiton Ltd. (NYSE: BHP) is down 2% at $63.10 this morning.

Banco Santander, S.A. (NYSE: STD) is down almost 1% at $7.61, but shares are down 3% in local trading in Madrid.

Credit Suisse Group (NYSE: CS) is down 2% at $23.73.

Deutsche Bank AG (NYSE: DB) is down 3.4% at $31.70; shares are down about 6% in Frankfurt.

France Telecom (NYSE: FTE) is down only $0.02 at $15.78 in New York; shares are down almost 1.3% in local trading in Paris.

Koninklijke Philips Electronics NV (NYSE: PHG) has not yet traded, but shares are indicated down around $16.70 versus a $17.26 close.

Nokia Corporation (NYSE: NOK) is down 3.3% at $5.26.

Siemens AG (NYSE: SI) is down 1.5% at $85.60, but shares are down 2.9% in local trading in Frankfurt.

Telecom Italia SpA (NYSE: TI) is actually indicated higher this morning but there has been no New York pre-market trading with about two hours until the open.  Shares are up 0.9% in local trading in Milan.

UBS AG (NYSE: UBS) is up almost 2.5% at $10.83, but shares are down 0.8% in local markets.

It is going to be another bad day for emerging markets and all we can say there is that we noted the details of the chart deaths taking place in BRIC and emerging markets.

JON C. OGG