'Spanish Flu' Contagion in Eurozone Debt Crisis?

Galleon Group Wire Taps Used in New Insider Trading Probe (Dealbook) "Secret, court-approved wiretaps put in place more than two years ago are now being used by prosecutors in a widening inquiry of securities fraud and insider trading involving hedge funds and consultants that provide industry research, according to court documents and interviews with people close to the investigations."


'Spanish Flu' Contagion in Eurozone Debt Crisis? (Wall Street Journey) "Spanish and Italian bond spreads over German bunds rose sharply to new highs, as did the cost of European sovereign debt insurance, while the euro continued to tumble, as euro-zone contagion fears continue to roil currency and debt markets. The premium demanded by investors to hold Spanish 10-year bonds over the benchmark German bund rose over 30 basis points to more than 300 basis points, while Italy’s 10-year bund spreads rose over 20 basis points to 215 basis points, according to Tradeweb, record highs in both cases. Spreads then recovered slightly, dropping back to 288 basis points for Spain and to 204 basis points for Italy."

Asian Markets Down on China Inflation Fears (Wall Street Journal) Fears of monetary tightening seem to be behind the selloff: "Most Asian stock markets moved lower Tuesday as fears about further tightening measures in China helped fuel a drop in the Shanghai Composite index to its weakest closing level in seven weeks. The Chinese market 'started to sell off as the rumor was that the local press was indicating more room for the [People's Bank of China] to raise reserve requirements and further that deposit rates should be increased to fend off inflation," said Brett McGonegal, managing director at Cantor Fitzgerald.'"

Big Day in Detroit: Volt Launches(WXYZ)"General Motors is holding a special event Tuesday morning to highlight the Chevy Volt as if officially launches the next generation vehicle at the Detroit-Hamtramck Assembly plant."

"Markets weighed down by Europe's debt crisis" (Yahoo Finance via AP) "LONDON Worries that Portugal or even Spain will have to seek outside help to deal with their debts continued to weigh on markets Tuesday, sending the euro briefly below $1.30 for the first time since mid-September. European stocks were somewhat more settled following big declines Monday and Wall Street's late rally. The FTSE 100 index of leading British shares was up 12.40 points, or 0.2 percent, at 5,563.35 while Germany's DAX rose 54.47 points, or 0.8 percent, at 6,752.44. The CAC-40 in France was 4.57 points, or 0.1 percent, higher at 3,641.53."