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Posted by on Aug 10, 2011 in Markets, TG Roundup

Evening Update: 2011-08-10

Aw.. What a day.. Again! This morning Europe was down big. DOW down 520, S&P 500 down 52 and NASDAQ 100 down 102.

  •  SocGen denied that it is facing any liquidity problem. That didn’t stop European indices going down by 3.0 to 5.5 percentage points
  • Add to European bank and sovereign debt troubles, Bank of America’s trouble here at home have weighed on markets heavily.
  • Flight to perceived safety continues.
    • Gold futures printed $1800/oz
    • The Swiss tried to stop stampede into Swiss Franc by increasing the supply. Last week when they sold more Franc, it stayed down for a few hours. Today, Franc stayed down just for 90 min before it resumed its ascent from where it left off before the intervention.

Speaking of flight to Swiss Franc… Take a look at this fresh chart (Courtesy – FT Alphaville). Interest rate on Swiss 3-month bills went negative.

The panic continues