Monday market news is brutal.
All world market indices are down sharply.
8:00 a.m. EDT
Japan - Nikkei, Down 4.25%
China - Shanghai Comp, Down 5.23%
Hong Kong - Hang Seng, Down 4.97%
Korea - Seoul Comp, DOwn 4.29%
Germany - DAX, Down 5.05%
France - CAC, Down 5.41%
Britain - FTSE, Down 2.90%
Bank of the day - Italy's Unicredit
Last week they claimed they might need to raise $2 billion.
Now it's $9 billion.
That's on the tail of - -
Bear Stearns, Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers, Washington Mutual, Wachovia
And - -
Northern Rock, HBOS, Hypo Real Estate, Fortis, Dexia
To name only the most prominent.
(If your favorite failing financial institution is missing, please add below.)
As Bette Davis might have said,
"Fasten your seatbelts, it's going to be a bumpy day."