Futures tumble amid continued European slide


S&P 500 (SPY), Nasdaq 100 (QQQ), and DJIA (DIA) futures are all off about 0.9% and Russell 2000 (IWMdown 2% as trouble brews in the EU periphery.

Banco Espirito Santo - Portugal's largest listed bank - is off another 16% as its parent reportedly considers bankruptcy protection unless a deal can be worked out with creditors. Portugal broad market is down another 4.1%, bringing its 7-session slump to 11%.

Previously: Portugal tumbles on bank worry

Europe's Stoxx 50 (FEZ) is down 2%, led by Italy (EWI-2.5% and Spain (EWP-2.6%.

The 10-year U.S. Treasury yield is down four basis points to 2.51% and gold catches a serious bid, up $20 per ounce to $1,344.

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Comments (10)
  • mitrado
    , contributor
    Comments (2033) | Send Message
     
    There's some details wrong or missing with this article.

     

    Banco Espirito Santo (BES) is not Portugal's largest listed bank. That's BCP.
    Also, BES' parent holding only owns 25% of BES.
    10 Jul 2014, 08:01 AM Reply Like
  • John Georgiou
    , contributor
    Comments (234) | Send Message
     
    Whole July will be difficult , even technical analysis showed to up http://bit.ly/TOSvxj
    10 Jul 2014, 08:36 AM Reply Like
  • sunwindgeo
    , contributor
    Comments (856) | Send Message
     
    Yeah this is a move of large proportions. One wonders at bank recapitalization going on too vis a vis gold/silver and treasuries.
    10 Jul 2014, 09:04 AM Reply Like
  • Seppo Sahrakorpi
    , contributor
    Comments (2146) | Send Message
     
    Bret Jensen had a good article on this yesterday:

     

    Here We Go Again?

     

    http://seekingalpha.co...
    10 Jul 2014, 09:12 AM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2968) | Send Message
     
    What a crock....a socialist rathole on the EU periphery drags down the world markets. Next thing ya know it will the World Cup...
    10 Jul 2014, 09:47 AM Reply Like
  • mitrado
    , contributor
    Comments (2033) | Send Message
     
    Gary Hakacky, socialism, you say?

     

    Socialism is a social and economic system characterised by social ownership of the means of production and co-operative management of the economy.

     

    Please point out one country in Europe where that is a reality. Certainly not in Portugal.
    10 Jul 2014, 10:45 AM Reply Like
  • taxman100
    , contributor
    Comments (644) | Send Message
     
    You are correct - technically Europe (and the United States) are fascist economies. While the primacy of the State is asserted, it is more of a position of government must have primacy due to the inherent evil of it's citizens. Fascism traditionally espoused the uniqueness of the People, which clearly is not the belief of the governments of Europe or the United States, as the ruling class in both places believe the People are corrupt, immoral, etc.

     

    Fascism is such a loaded word that it is no longer used, and socialism is a catch-all for where the government basically calls all of the shots, so to speak.
    10 Jul 2014, 11:28 AM Reply Like
  • CoffeeTrader
    , contributor
    Comments (2) | Send Message
     
    Socialism sucks, it's self evident...
    10 Jul 2014, 11:27 AM Reply Like
  • mjtroll1
    , contributor
    Comments (2840) | Send Message
     
    IWM a popular index based on the Russell 2000 has just filled opening gap to 115.70 after trading down to near 55 dma (114.05).. A close above yesterdays close of 116.49 will be considered a reversal of recent trend lower.
    10 Jul 2014, 01:39 PM Reply Like
  • Boy Zap
    , contributor
    Comments (6) | Send Message
     
    Socialism!!! I was listening to guy Manilla? on talk radio back in the 1960's. Had just gone through a siege in the hospital having my gall bladder removed. At one point I was having a strange problem and pushed the button to call the nurse. No response for quite a time and then I see the nurse pushing a bed down the hall in front of my door. Then another bed going the other way. A patient had thought the patient who had just left had a better bed than she did. Finally did get the nurse and the doctor and I was given something to fix the problem.
    Well, Guy was interviewing a socialist on the program and asked him "Who would run the hospitals under Socialism?" I almost ran off the road when the reply came back, "The Nurses."
    10 Jul 2014, 03:02 PM Reply Like
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