Futures are popping and markets are higher abroad as the Dubai crisis loses strength. JP Morgan cut estimates on about seven banks, including BAC and WFC.
AIG was hammered yesterday as chatter of a $13 billion shortfall in its property and casualty business. The stock took a hit of about 15%. Their American Life division is set for IPO. I’m sure Goldman will lead the deal. Giggle.
Reserve Bank of Australia extended its rate tightening cycle for the record third straight month, raising cash rate by 25bps to 3.75% as widely expected. Raising rates is all the rage. What will Ben do when the baton is passed to him?
The dollar is lower, no surprise there. The financials led yesterday but probably because the group has been down 7 out of 9 days. The group is still heavy and has too many headwinds in my opinion to make any statements here.
Have a great day.