Further Irish Fears lead markets lower

Stock markets were weaker overnight as the news of the Irish bailout failed to ease concerns that the debt crisis would spread to other nations. Moodys stated that a multi-notch downgrade in Irelands Aa2 credit rating was “most likely” because any rescue package would increase the countries debt burden. To make matters worse, the Coalition Government is appearing to crumble as the Green Party has publicly stated they will quit the Government after the four-year budget plan has been announced.

US markets were also in the red following reports of a federal insider trading investigation. The WSJ reported that the FBI raided the Connecticut offices of two Hedge Funds in an insider trading investigation.

No key data from Australia today, but plenty in the markets tonight. US GDP is expected to be revised higher for Q3, while existing home sales and the Richmond fed Manufacturing index are also released. Europe will see the advanced releases for the manufacturing and services PMI’s.