The Camel’s Back Is Broken

Outrage gripped the United States yesterday as the 4th largest US bank went down for several hours.

Information about the events is scarce at the moment and aside from this CNBC article that covers the tweets from @Ask_WellsFargo there's virtually no mainstream coverage of the event as official spokespeople from the bank are keeping a tight lip.

It seems different states are being affected differently but customers were urged not to deposit cash into ATMs as it might not show in their accounts. Reports of missing funds are arising.

The outage seems to have been caused by either a power outage or smoke (or both, it's still not clear) in one of their Minneapolis data centers.

Crypto advocates were quick to point out the advantage of decentralized money is its resilient nature. Data is maintained by thousands of computers working simultaneously and so there is no single point of weakness.

Wells Fargo stock did drop yesterday but not by much. Will be interesting to see if they can shake yet another calamity.

 

Traditional Markets

The European trading session didn't go so well yesterday. Sour data had been coming in all morning, but the EU Economic Forecasts seems to be the straw that broke the camels back. 

Here we can see the economic calendar and the data that came in...

 

The economic forecast mentioned above is covered in a piece by Bloomberg titled "Europe's Economic Outlook goes from Bad to Worse amid EU Warning."

If you think the title is fun, get a load of this graph showing the changes in GDP growth expectations.

 

The DAX was the hardest hit but the US handoff didn't go so smoothly and by this morning the Asian session (sans China and the other countries who are still partying) is in a depressed state.

If that's not enough to spook the markets, this headline certainly didn't make things any better. 

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Please note: All data, figures & graphs are valid as of February 8th. All trading carries risk. Only risk capital you can afford to lose.

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