ECB's Trichet Says Euro Crisis Now 'Systemic'
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Stocks in Europe trading lower lead to downside in US futures Tuesday. Although prudent traders were likely taking profits following a 330 point rise in the Dow Jones average Monday, markets are also responding to a warning from ECB President Jean-Claude Trichet. The regulator is concerned the crisis in the Eurozone may have now moved into the "systemic" realm.
The Euro Stoxx 50 and FTSE 100 indices are both trading down about 0.5 percent. After opening down about 50 points, the Dow Jones average is now down just 12 points. The Nasdaq is up nearly 15, and the S&P 500 is up about 1 point.
Speaking in Brussels earlier, Trichet insisted "Sovereign stress has moved from smaller economies to some of the larger countries. The crisis is systemic and must be tackled decisively."
Overseas investors are expecting an important vote to come out of Slovakia sometime Tuesday. The country is the only member of the euro area which has not shown support for the EU's revised bailout package. While one Slovak party is expected to oppose the measure today, the party will pass the vote the second time around, according to a Bloomberg report.
The Euro Stoxx 50 and FTSE 100 indices are both trading down about 0.5 percent. After opening down about 50 points, the Dow Jones average is now down just 12 points. The Nasdaq is up nearly 15, and the S&P 500 is up about 1 point.
Speaking in Brussels earlier, Trichet insisted "Sovereign stress has moved from smaller economies to some of the larger countries. The crisis is systemic and must be tackled decisively."
Overseas investors are expecting an important vote to come out of Slovakia sometime Tuesday. The country is the only member of the euro area which has not shown support for the EU's revised bailout package. While one Slovak party is expected to oppose the measure today, the party will pass the vote the second time around, according to a Bloomberg report.
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