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Posted by on Sep 5, 2011 in TG Roundup, Worldwide

Labor Monday Massacre for European Stocks

As US markets are closed for Labor Day, it got ugly in Europe today. The news got more gloomy over the weekend and today.

  1. Greece’s second bailout is in trouble
  2. Italy troubles deepened
  3. DAX was down more than 5% today.
  4. According to Belgian Nieuwsblad, the CEO of Belgium’s biggest bank has just resigned. Zero Hedge says, “As a reminder, Dexia is the one European bank that in the 2008-2009 period borrowed more money from the Fed than anyone else, and which we have discussed on several occasions in the past few months as being rumored to be on the receiving end of a variety of liquidity “complications” and countreparty concerns. Typically rumors of that nature, coupled with the sudden departure of the CEO, end up being proven as fact shortly to quite shortly. In other news, we are happy to announce the expansion of the PIIGS to BIG PIS following the arrival of the latest country to join the sovereign and bank funding crisis.”
  5. Certainly, there appears to be a run on the European banks – a run on the banks, by the banks, for the banks.

A bit before the close of markets on Monday

Closing numbers

Europe, Africa and Middle East

INDEX VALUE CHANGE % CHANGE TIME
Euro Stoxx 50 Pr 2,107.27 -113.45 -5.11% 09/05
FTSE 100 INDEX 5,102.58 -189.45 -3.58% 09/05
CAC 40 INDEX 2,999.54 -148.99 4.73% 09/05
DAX INDEX 5,246.18 -292.15 -5.28% 09/05
IBEX 35 INDEX 8,066.50 -397.00 -4.69% 09/05
FTSE MIB INDEX 14,333.90 -726.88 4.83% 09/05
AEX-Index 274.45 -11.98 4.18% 09/05
OMX STOCKHOLM 30 INDEX 887.41 -44.69 -4.79% 09/05
SWISS MARKET INDEX 5,142.99 216.68 -4.04% 09/05
FTSE 100 5,102.58 -189.45 -3.58%
Chart for FTSE 100
DAX 5,246.18 -292.15 -5.28%
Chart for DAX
CAC 40 2,999.54 -148.99 -4.73%
Chart for CAC 40