Posted on 09/22/2015 6:40:41 AM PDT by blam
Sam Ro and Myles Udland
September 22, 2015
Markets around the world are getting slammed.
Dow futures are down as much as 240, S&P futures are down 30, and Nasdaq futures are down 80. This brings losses for each of the major US indexes to more than 1.4%.
In Europe, Britain's FTSE, Germany's DAX, France's CAC 40, and Spain's IBEX are all down by more than 2%.
The biggest news for the second day in a row is Volkswagen, which is slowly rolling out information regarding software designed to give its diesel cars false emissions data.
On Tuesday, the company said up to 11 million cars were affected. Management said the company set aside $7.27 billion to "cover the necessary service measures and other efforts to win back the trust of our customers."
Volkswagen shares are down by around 20% on Tuesday after falling by the same amount on Monday.
As for what is catalyzing the move lower, the reality is that uncertainty is reigning in markets; no matter where you point the finger, the answer will probably be unsatisfying.
On Monday, for example, Hillary Clinton was being blamed for a sell-off in biotech stocks are firing out a tweet that was critical of practices detailed in a New York Times report regarding drug pricing.
(snip)
(Excerpt) Read more at businessinsider.com ...
Good. I missed my last buying opportunity.
Volkswagon is in some deep sh** over that emissions thing.
It’s one thing to screw with Federal bureaucrats. It’s quite another to prove beyond a shadow of a doubt that you are smarter than they are by several orders of magnitude.
The Feds will be out for his six pounds of flesh.
The futures were down -221.00 when I looked about 5:00am. I checked the dow about 10 minutes ago and it was down -276.00. Interesting.
This whole farking market is crazy. Its huge movements up and down cannot be explained by anything rational.
If only we had shorted Volkswagen stock.....
The market itself is one huge gambling casino where the game is fixed
His Fed and I mean Obama's Fed , savers have nowhere to put their money and spending can go up without having to pay higher interest rates.
[The market itself is one huge gambling casino where the game is fixed]
winner
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