11th August 2011
European market bounce faded as French banks came under attack. Soc Gen one of Frances major banks lost 25% of its market value yesterday during the afternoon trading session. The rumour mill had been working overtime as traders heard that Soc Gen and other French Banks had huge exposure to sovereign debt and which was pushing them to the brink of collapses. The CDS for France climbed to a record high and Asian credit lines were cut to the banks stating trading would happen on a case by case basis. The US indices caught the contagion effect and gave up all earlier gains. Buy the rumour sell the fact , a case of Ferme La bouche might help the European banks.
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