Hearing announcement of coordinated CB liquidity measures. This is gonna be a rock 'n roll day. edit: <10mins later and equities have given back all their gains on that news. phew...this market is in a tonne of trouble.
Now some CNBC chatter about possible BOE rate cut later this morning. My personal opinion is that there won't be any rate cuts unless they are global and co-ordinated. Which means likely time for action would be around 8:30am NY time.
SPI and Nikkei futures have also come back nicely. Europe and US globex looking strong again. S&P futures look like the could target 1200 ahead of the NY open. With futures looking a lot stronger that they were at the cash close last night, now would be a good time for the authorities to goose the market into a squeeze.
A load of good this will do. The crux of the issue is that home owners and commercial real estate owners need to be recapitilized to stabilize this issue. Until that happens asset prices will keep deflating and more defaults will occur. Lower mortgage rates need to feed through to the borrowers. But I fear it may be too late late. Price deflation of assets is ripping the economy apart as peoples net worth continues to fall sharply.