Global markets under pressure due to eurozone newsflow

**Day of heavy risk off led by European Union newsflow

Spanish banks were in focus; reports suggested that there was huge deposit outflow by customers hoarding Euro  

Spain denied reports of euro 1 billion outflow from Bankia since nationalization but market was not convinced

Moody’s cut 16 Spanish bank ratings by 1-3 notches including EU’s largest Banco Santander

Spanish yields jumped to 6.25%. Market experts now feel the bond slide could see yields moving to 7%

Fitch downgraded Greece to CCC from B-. Rating agency sees heightened risk of Greece exiting Euro  

US Economic data was not supportive either; Philadelphia Fed Index for May came in at negative 5.8% as against positive 8.5% MoM, lowest since September 2011 

Jobless claims for last week came in at 3,70,000 - stable MoM but were slightly weaker than consensus.

US at close: Dow Jones fell 1.2% to 12,442.5 and S&P 500 Index was down 1.5% to 1,304.9. Nasdaq Composite lost 2.1%. CBOE VIX spiked 10% to 24.49 - getting near December high.

European markets at close on Thursday: DAX, FTSE and CAC tanked 1.2% each. Italy was down 1.5% and Spain fell 1.1%

Facebook IPO lists today. The issue priced at USD 38 a share yesterday 

Asia today

Kospi and Nikkei went down over 2%.

Hang Seng and Taiwan dropped over 1.5%

Straits Times was down 1.5% and Shanghai lost 0.8%

SGX Nifty slipped 1.4% to 4,775
 
Currencies

Euro hit low of 1.2661 to the dollar as against 1.2681 yesterday

Commodities

Brent crude lost 2% to close at USD 107.5/barrel yesterday

Gold rebounded 2% from Wednesday low of USD 1527/ounce yesterday. It is currently at USD 1575/ounce

Copper was mildly negative yesterday

Data to watch out for

China housing data

CFTC trader data (US)