Stock Futures Deep in the Red
Stock futures are deep in the red this morning with traders pointing to rumors of an imminent Greek default, an earlier global Bloomberg terminal outage that left traders in Europe blind, and reports China is limiting margin on certain stocks given froth in the market.
On the Bloomberg outage, which has since been mostly resolved, one asset manager in London told the WSJ, "The communication chat has become vital to the sharing of information across regions and counterparties. So a global outage like this is systemically important to markets all around the world."
He added, "We’re flying blind and in our office as our principal counterparties are unable to act as market makers, therefore we’re all catching up on admin because there is little else that we can do."
Today the China Securities Regulatory Commission said it will ban margin financing for OTC stock trading. Also China will expand the list of stocks available for short selling to 1,100.
Dow futures are down 147, S&P 500 futures are down 15 and Nasdaq futures are down 43.
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