Euro Crisis Returns; Italian Shares Rocked; Short Selling OutlawedSubmitted by Peace Gold Love on Mon, 07/23/2012 - 10:24
As Nigel Farage predicted on July 3 (thanks to CSA1861):
And as if outlawing short sales will do anything to help. In the end, it will only make the crash worse.
LONDON (MarketWatch) — Italian and Spanish stocks tanked with banks dropping sharply Monday, as sovereign bond yields skyrocketed amid renewed fears about the future of the euro zone and worries over debt problems in Spain’s regions and Greece.
Trading in major Italian banks was suspended for about an hour during the morning after their shares incurred steep drops, while authorities in Spain and Italy imposed bans on short selling to stem market volatility. European-listed resource firms were also heading south, as oil and metals prices traded lower across the board to start the week.
The Stoxx Europe 600 index XX:SXXP -2.72% tumbled 2.7% to 251.25, outpacing a 1.4% loss sustained Friday, when concerns over Spain’s debt situation dragged markets lower. U.S. stocks opened lower on Wall Street.