Noontime markets update

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The markets are having a very bad day today. After we saw the Europeans were also vulnerable to this credit crisis, stock markets worldwide sold off, with many European markets seeing their largest drops since 1987. For Europe, today is as bad as last Monday’s 777 point fall was for the U.S.

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Sectors being hit include oil, mining, commodities, and financial services as recession is widely anticipated and investors flee the banking sector. Signs of increased volatility include VIX, LIBOR-OIS Spread, and the TED Spread.

European currencies are getting slammed with both Sterling and the Euro down multiple big figures against the dollar and the yen. Investors are fleeing riskier assets and putting their money into relative safe havens like bonds and gold and silver. Below are links to commentary on the turmoil and charts of the various markets.

Articles
European Stocks Tumble, Stoxx 600 Has Biggest Slump Since ’87 – Bloomberg
Euro Falls Most Since 1999 as Credit Crisis Deepens in Europe – Bloomberg
Government Bonds Rise Worldide as Credit Freeze Prompts New Bank Bailouts
Money-Market Rates Climb as Banks Hoard Cash, Crisis Deepens – Bloomberg
VIX Jumps to Record, Topping 50, on Concern About Global Growth – Bloomberg
Brazil’s Bovespa Plunges 10 Percent, Trading Halted; Vale Sinks – Bloomberg
Mexico’s Peso Plummets to Record Low as Investors Fall Into `Fear Mode’ – Bloomberg

Charts
World Indexes – Bloomberg
Benchmark Currency Rates – Bloomberg
Commodity Futures – Bloomberg
CBOE SPX Volatility Index – Bloomberg
TED Spread – Bloomberg
S&P 500 Index – Bloomberg

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