Morning Wire — Futures Sag on Europe Concerns
US stock futures are sinking this morning as traders wonder if the Eurozone summit agreement that juiced markets last Friday is in fact the real deal. Moody’s says it plans to re-evaluate the sovereign debt ratings of all European Union…
US stock futures are sinking this morning as traders wonder if the Eurozone summit agreement that juiced markets last Friday is in fact the real deal. Moody’s says it plans to re-evaluate the sovereign debt ratings of all European Union countries in the first quarter of 2012 because the ratings agency continues to see a “continued absence of decisive policy measures.” The euro is losing ground against all major currencies this morning.
At about 7:30 a.m. ET, Germany’s DAX is down about -1.5%% at 5,897.24 and France’s CAC 40 is down about -1.1%, at 3,138.32.
In Asia, Hong Kong’s Hang Seng index is down -0.06%, at 18,575.70. The Nikkei index is up about 1.4%, at 8,653.82, and the Shanghai index is down about -0.1%, at 2,291.54. In London, the FTSE 100 is down about -0.4%, at 5,507.74.
Dow futures are down -0.6%, at 12,070. The Nasdaq 100 is down about -0.54%, at 2,306.00 and the S&P is down about -0.73%, at 1,243.60.
In the currency markets, the euro is down more than -$0.01 against the US dollar and the US dollar is up slightly against both the yen and the British pound.
In commodities, both WTI and Brent crude are lower this morning, with WTI at $98.47/barrel and Brent at $107.77/barrel. Gold is down about -1.9%, at $1,684.90.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.