Once again, the leading stock market indexes in Europe are trading lower. The important S&P 500 Index e-mini futures (ES-M2) are also lower by 5.00 points to 1388.25 per contract. The problems out of the European Union continue to increase on a daily basis.
Spanish debt yields continue to climb and this is definitely problematic for the European Central Bank. Riots are breaking out in Greece again after a tragic suicide by a protestor. The Swiss National Bank had to intervene as the euro traded below the $1.20 level per Swiss franc. The bottom line, there are problems in Europe that will not be easily fixed regardless of how much money the central banks throw at the crisis. Traders should watch the CurrencyShares Swiss Franc Trust (NYSEARCA:FXF), CurrencyShares Euro Trust (NYSEARCA:FXE), and CurrencyShares British Pound Sterling Trust (NYSEARCA:FXB) to be in play today.
Last night, most of the Asian markets finished lower. The one standout was the Shanghai Index (China) which actually surged higher by 1.76 percent. If the U.S. markets are strong today, the Chinese ADR's could catch a bid higher. On the flip side, if the U.S. markets struggle today the Chinese ADR's will not likely perform. Traders can usually track the Chinese market by following the iShares FTSE/Xinhua China 25 Index ETF (NYSEARCA:FXI).
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Europe Could Be In A World Of Trouble
Published 04/06/2012, 03:34 AM
Updated 07/09/2023, 06:31 AM
Europe Could Be In A World Of Trouble
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