Financial markets got hammered as European leaders signaled talks on expanding the EFSF stalled. Policymakers have tried to downplay the EU summit which had lift market sentiment over the past week. While the meeting will focus on ‘further efforts required to stabilize the situation’, it’s not practical to think that it will mark the ‘end of all the troubles’. Wall Street weakened with DJIA and S&P 500 losing -0.63% and -1.26% respectively. In the commodity sector, the WTI crude contract for December delivery retreated after failing to re-test 90 and ended the day -0.58% lower while the equivalent Brent crude contract plunged -2.45%. Gold price continued to correct lower.
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Renewed Concerns over EZ Sovereign Debt Crisis Hurt Sentiment
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