Not surprisingly, the action -- following a weekend of worry about the US and of Europe -- is decidedly risk off, according to BusinessInsider.
Just over an hour ago, the ECB announced a renewed bond buying program, clearly focused on Italy and Spain, but obviously this alone wasn't enough to prevent early damage. Gold has surged to $1691/oz, a new record.
S&P futures are off about 2.7%. Markets have come back a bit, as US futures are now off less than 2%. A promise of liquidity from the G7 countries is helping things.
In early Tokyo trading, the market is down about 1.5%.
So far, not total bloodshed.
Read more: http://www.businessinsider.com/august-7-futures-open-2011-8#ixzz1UPbTc7iL
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