Rumors swirl US automaker on the ropes

Contributing to the selloff in equities is talk that one (or more likely all) of the US automakers is on the ropes.

Hedge fund liquidation remains a huge headwind for the equity markets, according to a CNBC contributor, a point we’ve made repeatedly of late. Redemption requests continue to pour in as investors head for the hills. This should persist until at least year-end.

One the wires, France’s Lagarde call for protecting European savers and to act with a coordinated approach across Europe. Deposit guarantees have been raised to EUR 100,000 across Europe from 50,000.