Stocks in Europe, Asia Drop on Economy; U.S. Index Futures Fall

Source: Bloomberg

Oct. 15 (Bloomberg) -- Stocks in Europe and Asia fell for the first time in three days as Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. is in a recession and ASML Holding NV's forecast for shipments missed analysts' estimates. U.S. index futures also declined.

BHP Billiton Ltd. dropped 5.9 percent as copper retreated and concern deepened $2 trillion in funds for banks won't be enough to stave off a global economic contraction. Siemens AG, Europe's biggest engineering company, sank 4.2 percent. ASML, Europe's largest maker of semiconductor equipment, tumbled 5.3 percent.

``We don't have much of a rosy outlook in terms of global growth next year, that is what is worrying markets,'' said Christian Gattiker, Zurich-based head of equity research at Bank Julius Baer & Co., in a Bloomberg Television interview. ``We have much more to go in terms of earnings deterioration.''

``Recession beckons,'' David Buik, an equity markets analyst at BGC Partners, said in a Bloomberg Television interview in London. ``There is a realization that the relief rally is over.''



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aRBIZxzRjTH0&refer=worldwide

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The relief rally is over...in three days?

not making a killing every friggin' day.

What really scares me is the “guru’s” of the market are not sure if buying stocks from banks will do anything. I was listening to one of them on the radio and he was like “ I really don’t know if this bank bailout will actually work. We had to make a decision and this was the best we could have done…. Hopefully it works”.

Hopefully? What if it doesn’t? Seriously when things are good these “guru’s” know everything, now that things are bad all of a sudden no one knows what to do?