Banks Weaker on Fitch Report
Banks weaker late day as Fitch is out with a report on U.S. bank exposure to Europe ... while it describes current exposure as "manageable" they also noted that "unless the Eurozone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen."
Elsewhere: outflows continue from equity mutual funds: another week, more outflows.
For the week ending November 9, ICI reports outflows of $4.6 billion from equity funds..it never ends: $3.2 billion out the prior week, $3.9 billion before that, $3.3 billion before that, $7.3 billion the week before that, $4.0 billion the week before that ... and mind you October was a great month for stocks, and still money kept coming out of equities.
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