A view from Venice

Found connectivity on the continent.

World stocks are trying to put in a bottom, but the slope is very slippery due to the price of crude.

More than 5% moves in crude a more common this year than anytime prior. Many in the oil pits have seen whipsawed prices taking out multi-month lows in an hour or so.

international energy firms like BP and ExxonMobil are seeing revenue fall 90% for the latest quarter.

Dow futures at 4am EST are down 120 points or 0.75, while WTI crude is off 2% at $30.96.

The US 10-year is trading down at 1.930, as this has become a very crowded trade the last two days as European markets open. The proverbial flight to “quality” so to speak.

The lack of global growth has hamstrung markets from commodities,  stocks and bonds. And while relief and short covering rallies do occur, the bias is to the downside.

More to come from Venice and Italy.

Advertisements