Today’s collapsing markets; Greece, Spain, the Euro, Bankia and Facebook will dominate people’s thoughts today, and so they should. Asian stocks are feeling the pressure as early morning markets show the Euro falling to 2 year lows thanks to further fears that the Spanish banks cannot be saved by its own government, a key indicator that the Euro-debt crisis is in fact getting worse.

The Bank of Spain Governor, Miguel Angel Fernandez Ordonez, has resigned over the poorly handled nationalization of Bankia and Spanish bond yields have risen to levels where Spain are unlikely to be able to raise money needed easily.

The euro is expected to be under further pressure today, unless anyone can find some good news out there.  A downside target of 1.20 initially can be expected vs the dollar.

Facebook finished yesterday at 28.84, nearly $10 cheaper than it was last week, although as it’s price is reaching down to other tech stock prices the decline is likely to slow.  This has removed Mark Zuckerberg from the world top 40 rich list, $14.7 Billion just isn’t enough!

 

Posted by Jonathan Bristow | Account Executive