JEREMY HOBSON: Yesterday was one of the worst days in global stock markets since the collapse of Lehman Brothers back in 2008. And today — is not shaping up to be much better. Overseas markets are down by several percent.
For more, let’s bring in Howard Wheeldon. He’s senior strategist with BGC Money Brokers and he’s with us from London. Good morning.
HOWARD WHEELDON: Good morning.
HOBSON: Well, is it shaping up to be another huge sell-off day in global stock markets?
WHEELDON: I’m afraid it is. It’s been a very, very mixed start. In fact, Europe generally opened up which was quite surprising. It didn’t last very long — and subsequently, we’ve been down up to 4.5 percent. So, very, very volatile trading. A lot of uncertainty, huge worries out there. Just a small hope that something in the U.S. might ease the situation.
HOBSON: Do European investors sort of feel like this is out of their control — that this all rests with the United States to fix the problem?
WHEELDON: They certainly feel that it’s out of their control — they don’t believe, of course, that it’s a pure U.S. situation. They recognize that the Euro sovereign debt issues are very serious, are heading in the wrong direction, but the fate of the Euro is very, very much in question. The politicians are failing to recognize the weakness — the intrinsic weakness that the Euro is now in, and the dangers apparent upon that. So, politics is what led us into this crisis. Both in the U.S. and in Europe. So, I’m afraid it’s up to the politicians to actually get us out.
HOBSON: Howard Wheeldon with BGC Money Brokers in London. Thank you, so much.
WHEELDON: My pleasure.
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