After the worst selloff since December, the only elements of note this morning are:
- German business sentiment fell more than expected in June
- 15 banks downgraded by Moody’s
- Morgan Stanley is taking the brunt of the press reaction (nyt)
- European markets are broadly lower with the CAC40 -1.1% and the DAX down 1.3%
- Gold unchanged
- 10yr is flat
- EURUSD is flat
- S&P futures are dead catting it.
Perversly, earlier downgrades in Europe were followed by an up day, that doesn’t look to be the case this morning.