Joined Nov 11, 2007
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A Minor Flash Crash Coupled With China Data Erases Early Gains in Asia, Europe Falls on Shitaly, U.S. Futures Respond in Kind

The Nikkei gapped up nearly 2% at the open and then traded as high as 2.46%. Then at 10:20 am Nikkei time a software problem caused futures volume to crash 90% forcing a closing of a derivatives exchange. Trading resumed four hours later where the Nikkei managed to close positive by 0.40%.

Shitaly hurt the Euro as newspapers try to focus on election and government uncertainty, but the real deal is that a upstart electee for the Italian government is talking referendum for Italy to leave the Euro. While he may never be elected  and a referendum may never be held, it is very troublesome none the less that any notion of said referendum to vote Italy out of the Euro would be a beginning to the end of a stable region.

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