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European shares drop again, Portuguese stocks skid (Euro markets getting hammered!)
Market Watch ^ | 04/28/2010 | Market Watch

Posted on 04/28/2010 2:42:02 AM PDT by The Magical Mischief Tour

LONDON (MarketWatch) -- European shares fell sharply again on Wednesday, extending steep losses from the previous session, as fears of peripheral sovereign debt default continued to weigh on markets and Portuguese stocks in particular.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
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1 posted on 04/28/2010 2:42:02 AM PDT by The Magical Mischief Tour
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To: The Magical Mischief Tour

Keep an eye of the US Futures markets in a few hours.


2 posted on 04/28/2010 2:42:55 AM PDT by The Magical Mischief Tour
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To: The Magical Mischief Tour

When I saw your post, I flipped over to the overseas markets.

Ugly.


3 posted on 04/28/2010 2:49:03 AM PDT by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Daisyjane69

Yeah, if the US Futures are in the dirt we could be in for one expensive day...


4 posted on 04/28/2010 2:53:09 AM PDT by The Magical Mischief Tour
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To: Daisyjane69

Yeah, if the US Futures are in the dirt we could be in for one expensive day...


5 posted on 04/28/2010 2:53:47 AM PDT by The Magical Mischief Tour
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To: Daisyjane69

Yeah, if the US Futures are in the dirt we could be in for one expensive day...


6 posted on 04/28/2010 2:53:47 AM PDT by The Magical Mischief Tour
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To: Daisyjane69

Yeah, if the US Futures are in the dirt we could be in for one expensive day...


7 posted on 04/28/2010 2:53:47 AM PDT by The Magical Mischief Tour
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To: Daisyjane69

Yeah, if the US Futures are in the dirt we could be in for one expensive day...


8 posted on 04/28/2010 2:53:47 AM PDT by The Magical Mischief Tour
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To: The Magical Mischief Tour

Greeks don’t have kids. They are a elderly, population reducing country. How can non existing future generations, of less numbers pay debts that the present genertion can not find a way to pay now?

They can not, and will not.

Further the Greek citizens dislike, and distrust their government. The government has no sway over the citizens.

The government promised others, out side Greece, that it could collect the money from the citizens. They can not.
The government told the citizens they could, in theory, have things paid for by others.

This is the pattern world wide.

For us to watch, watch England, California.

If Portugal and Spain go, the the EU might be done, as it should be.


9 posted on 04/28/2010 3:13:04 AM PDT by Leisler
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To: Daisyjane69

Boy, ugly is right. Although I did just see the Sweedish exchange blip up into the green. Otherwise everything else is deep in the red.


10 posted on 04/28/2010 3:26:24 AM PDT by AFreeBird
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To: The Magical Mischief Tour

U.S. stock futures pointed to further declines Wednesday after the previous session’s rout, with fears over prospects for Southern Europe contagion rattling markets ahead of an interest-rate decision from the Federal Reserve.

S&P 500 futures fell 1 point to 1180.00 and Nasdaq 100 futures dropped 2 points to 2006.70. Futures on the Dow Jones Industrial Average were down 14 points.

U.S. stocks got hammered Tuesday, after Standard & Poor’s downgraded Greece to junk status and also lowered the boom on Portugal’s credit rating. The Dow Jones Industrial Average plummeted 213 points, the Nasdaq Composite lost 51 points and the S&P 500 fell 28 points.

Asian markets also were pressured Wednesday.

Southern Europe again was the focus of investors as the Portuguese PSI 20 stock market index fell 3.8% to pace a further downturn in European equities.

Essentially untradeable two-year Greek debt had yields north of 30%. Outside of gold, which edged up $1.60 an ounce, most metals futures dropped, and oil futures fell below $82 a barrel. The dollar index rose 0.4% as investors sought safe assets.

“Risk aversion appears to be increasing, with gold and the dollar picking up simultaneously again and equity markets nose-diving,” said Eugen Weinberg, head of commodity research at Commerzbank, in a note to clients.

German Finance Minister Wolfgang Schaeuble will hold a press conference on Wednesday with Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, managing director of the International Monetary Fund, at around 9 a.m., EDT, as questions linger on whether Germany will participate in making loans to Greece as part of a joint IMF-European Union package.


11 posted on 04/28/2010 3:52:40 AM PDT by dennisw (It all comes 'round again --Fairport)
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To: The Magical Mischief Tour

Keep an eye on gold this week. If it breaks above 1170, it might be on the way way up.


12 posted on 04/28/2010 5:07:44 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: Daisyjane69

Flipped to where? do you have a url?


13 posted on 04/28/2010 5:10:45 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: Travis McGee

Did it not top 1170 yesterday?

14 posted on 04/28/2010 5:14:47 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: bert

at the time, I flipped over to CNBW - CNBC’s World desk. I’m on Direct TV so it was # 357. Now the current numbers are on CNBC # 355.


15 posted on 04/28/2010 5:15:05 AM PDT by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: bert

Looks like it did. I guess we’ll have to see it close there. Do you have a gold/euro chart?


16 posted on 04/28/2010 5:19:29 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: Travis McGee
Thanks for asking. I have been wondering the same thing. I found this and will keep it to look at as well as the Kitco chart

http://www.the-privateer.com/chart/g-multi.html

17 posted on 04/28/2010 5:33:20 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: Travis McGee
This one is a little clearer


18 posted on 04/28/2010 5:45:58 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: bert

Gracias.


19 posted on 04/28/2010 5:53:07 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: Travis McGee; bert

20 posted on 04/28/2010 5:57:14 AM PDT by dennisw (It all comes 'round again --Fairport)
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To: Travis McGee; bert

Gold, in Euros, Hits Record

By DEVON MAYLIE

LONDON—With concerns over the sovereign-debt crisis in Europe growing, gold traded in euros set a new intraday record.

Gold traded in euros traded above €890 ($1,117.66) a troy ounce, up from its old high of around €868 earlier in the week, although it has since retreated somewhat. Gold in dollar terms, meanwhile, was down after a sharp rise Tuesday, weighed by weaker equities. Spot gold recently traded at $1,164.75/oz, down 0.2% from Tuesday’s close.

Spot silver was at $17.98/oz, down 0.9%. LME platinum was at $1,704.50/oz, down 0.5%. Spot palladium was at $536.50/oz, down 1.6%.

Standard & Poor’s cut the credit ratings of Greece and Portugal Tuesday, triggering a drop in industrial commodities, equities and the euro, and a rise in gold, which traders and analysts said is again acting as a haven for investors who want to flee assets deemed riskier.

The downgrades heightened fears that the debt issues in Europe are far from resolved and that other nations could be hit with similar downgrades.

“At the moment, the propensity on the part of European investors, and perhaps even governments, to own euro- or sterling-denominated assets is reduced, while their propensity to move euro-denominated assets into something ‘harder’ is higher and is rising,” said Dennis Gartman of the Gartman Letter.


21 posted on 04/28/2010 5:59:42 AM PDT by dennisw (It all comes 'round again --Fairport)
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To: dennisw; bert; LS

Thanks, that’s what I was thinking would happen. Gold’s relatively small bump in dollar value reflects a temporary confidence in the $USD relative to the Euro.


22 posted on 04/28/2010 6:01:59 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: Travis McGee
Gold’s relatively small bump in dollar value reflects a temporary confidence in the $USD relative to the Euro.

It may not be temporary. I see lots of stuff these days about the Euro reaching parity with the USD. Germany made all kinds of very bad (mostly real estate) loans to East European nations and Germany is the economic engine of the EU. Thus the entire EU may have been more degenerate than the USA during the bubble years

I can easily see a rising USD and rising gold at the same time

23 posted on 04/28/2010 6:13:27 AM PDT by dennisw (It all comes 'round again --Fairport)
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