Asia up modestly. Early Tuesday trade: Australia and Japan now off 3%+ and Korea off 2.5% and counting.Even Korea, about which I worried yesterday, in the face of purported “weaponized” plutonium by North Korea, up over 1%.
As suggested last week, Spain looses its AAA rating, as Greece last week. Things are getting quite uncomfortable.
The world-wide declines in bank shares continues. Allied Irish off 59%, Bank of Ireland off 55%.
Most of Europe down. On Monday London down 2.5% as banks are crushed. The government will soon own 68% of Royal Bank of Scotland after it posted the largest loss ($41 billion) in UK history. Creeping nationalization invades the UK. Bank shares plummet despite government bail-out
DOW futures down about 100, but much can change overnight. Dollar, oil and gold all down. Should the Gaza peace and Russia/Ukraine gas pact hold, is oil about to break $30/barrel?
