Even harder hit was the Hang Seng losing just about 3%, its worst day Since May. HSBC Holdings was
the big news hitting a 40 month low losing 5.7% today, an 8.6B dollar market value loss in China. China
Merchant Holdings also took a blow losing 5.9%.
European markets, as you may have guessed, were down. The FTSEurofirst shed 1.4% and in the heart of
the problem the Spanish Ibex lost 3.2%. European bank shares fell 4.4% and shares in Italian banks were
temporarily suspended from trading. While these fears are resurfacing in the market many know they
had never gone away.
The Eurozone’s government debt to GDP ratio stands at 88.2% at the end of the first quarter compared
to 87.3% and the end of Q4.
Futures appear to be hard hit before opening with crude losing almost 3%, natural gas and silver 1% and
1.5% respectively and gold .7%.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market.
Comments can be directed to ryghcw19@uww.edu