Yields on Greek two-year notes rose above 60% today, Germany may give up on Greece, preparing itself for a debt default. French banks with high exposure to Greek debt may have their credit rating downgraded very soon. The default may spreed to Italy and Spain. Bad news after bad news.
German DAX dropped about 2% at this moment. Since July, DAX has dropped about 2,500 points (33%). The rate of decline is rather sharp.
French CAC 40 dropped about 127 points or 4.3% to 2,847 at this moment. It has another 300 points to go to reach its March 2009's low of 2,534 level.
Hong Kong Hang Seng Index is equally bad, dropping 836 points (4.2%) today at the close.
Australian AORD dropped 152 points (3.5%) to close at 4,125 to pull away from the neckline of its 'Double-Top' reversal pattern. It is very bearish.
From its long-term chart, it may be heading for 2,800 level to complete its major wave C.
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