Little to report this morning that was not already discussed last night.
Merck (MRK) and Schering Plough (SGP) are being sold off heavily in pre market on the news we reported last night. Their cholesterol drugs have been reported as being a ‘flop’ in a study released yesterday.
Asian markets sold down last night, and European markets are weak also.
A report circulating throughout the trading pits this morning is that there is a reserve shortfall in some Dutch pension funds due to market developments. There is some early strength in ’safe haven’ bond futures and gold on this news.
