German Barmaid with Beer Mugs

Pre-market Indications

After the worst selloff since December, the only elements of note this morning are:

  • German business sentiment fell more than expected in JuneGerman Barmaid with Beer Mugs
  • 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.

Good Trading.