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Global Concerns Pressure Equities

Posted By Barry Ritholtz On May 16, 2011 @ 6:33 am In Markets | Comments Disabled

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Good Monday morning. We awake today to some unusual cross currents that are pressuring markets:

• IMF Managing Director Dominique Strauss-Kahn arrested on sexual assault charges;

• U.S. government expected to hit the $14.294 trillion debt ceiling Monday at midnight;

• Greece plead for more aid; EU officials to consider additional budget cuts in exchange for more aid.

• Goldman Sachs lowered its rating on Japanese & Korean Equities, (China and Taiwanese remain “overweight”) Asian stocks were lower on the day

• The US four day losing streak is the longest since February

• Euro trading at 1.4128, its lowest level since March.

• Silver dipped to $34.60 an ounce

• Gold & Oil extended declines from Friday.

• European earnings estimates drop the most since 2009

Quite a few strange things are afoot at the Circle K . . .

~~~

More later . . .


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