So yesterday we had the Saudi stock market tank by more than 5% on reaction to the US rating downgrade.
Next on line is Tel Aviv tanking more than 6% today and trading got suspended. Yes, Sunday's are work days in Israel.
http://news.xinhuanet.co...1-08/07/c_131034568.htm
Dubai -
http://www.bloomberg.com...-on-u-s-rating-cut.html
Australia opens in the next 5hrs. I can hardly wait. Then Japan, HongKong, China, Singapore, S.Korea, India, Thailand... Indeed, it will be interesting.
Then comes London session when Europe goes online. I expect Consob to suspend trading on all Italian markets... The weekend crisis meetings by G20 and Eurozone members have been kept under wraps, therefore nothing positive here. August 9th the FOMC talks, if they don't mention QE3.0 then the markets will tank even more dramatically. Then August 20th comes up and Greece is unable to pay maturing bonds... That Monday 22nd will be a Lehman Monday... Stay tuned...
Update --> Quite interesting, on the day Tel Aviv market tanks by 6.5%, Israel faces a historic protests due to expensive standards of living...
Caution belts on...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!