Okay rumors of problems with French banks are causing the markets in Europe to sell off sharply and that is likely to translate into a wild ride today in our markets.
Initial Jobless Claims came in at 395K, below economist’s estimates of 405K, and the number seems to have shifted from the 430K – 420K range to the 400K range, a good development for the economy.
Let’s hope this translates into some positive market numbers and that the rumors of problems in Europe don’t swamp the markets in the U.S.
Clearly the risk of systemic risk in the credit markets worldwide is overshadowing other economic news.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
Ph: 225-342-0013
Fx: 225-342-9721
Email: jbroussard@treasusry.state.la.us
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