This morning’s market open is a reminder that after a 3-day rally, headline risk remains. News that France’s biggest bank (BNP Paribas) suspended withdrawals from three of its funds roiled our markets at the open. These funds, valued at $2.1 billion, cannot value their holdings currently due to the turmoil in the U.S. credit markets.Also, AIG reported earnings and said that mortgage delinquencies are spreading, and that they will soon spread beyond subprime to prime. All of the above has moved the fed funds futures to now predict fully a 100% ch[...]
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[Source: The Money Blogs]
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