Europe woes send markets tumbling $DB, $GOLD, $RDS-B

Last Updated on Tuesday, 06 September 2011 14:09

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US Markets were closed in respect of Labor Day, celebrating the economic and social contributions of North American workers.
US Equity Futures tumbled, indicating that the Dow Jones Industrial Average may slide for a third straight session when exchanges re-open tonight. Intensifying concern that Europe’s debt crisis is deteriorating firmly encouraged the risk off trade as Italian Bonds declined for eleven straight sessions, while the cost of some government and bank default insurance rose to records.
European Equities dropped, with heavy downside in Germany after Angela Merkel’s political party suffered another loss in state elections.
Subsequently, the XETRA DAX fell to its lowest level since August, 2009, compounded by weaker-than-forecast figures on the health of European services and manufacturing growth.
Deutsche Bank (€23.72, -8.9%) fell to its lowest close since March, 2009 when international capital markets began their recovery from the Global Financial Crisis.
Randgold Resources (6735.00p, +1.0%), however, rallied as Gold rose above $1900/oz on the rotation into safety.
Royal Dutch Shell (1948.00p, -4.4%) tracked losses in Oct Crude to $83.50/bbl. Anglo American (2368.50p, -3.6%), BHP Billiton (19548.00p, -3.9%) and Rio Tinto (3488.50p, -5.1%) were also lower.

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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