Europe closed sharply lower: Stoxx 50 -2%, Germany -1.9%, France -2.8%, Italy -2.2%, Spain -0.8%, U.K. -1.8%. The Dow bounced back from -1.38% to end at -0.53%.
Gold prices tumbled below $1,600 an ounce for the first time in four months. Demand in India, dented by the weakness of the rupee, has made the metal more costly for the country’s large jewellery industry. (FT)
HSBC and Standard Charted to benefit from French banks’ hasty retreat from Asia? (FT)
There are a few stock specific stories, but the overall tone of the market is likely to be negative till the Europe mess gets sorted out one way or the other or an additional burst of QE is announced in the US.