It looks like the face-ripping close coincided with this report from the FT that European officials are — finally — considering bank recapitalisation plans:
EU ministers look at bank aid plans
European Union finance ministers are examining ways of co-ordinating recapitalisations of financial institutions after they agreed that additional measures were urgently needed to shore up the region’s banks.
Although the details of the plan are still under discussion, officials said EU ministers meeting in Luxembourg had concluded that they had not done enough to convince financial markets that Europe’s banks could withstand the current debt crisis.
The Rally Monkey will remain in his cage until we’re convinced one of these upward moves is meaningful.
But we needed a new mascot for days when the markets fluctuate so wildly between this…
and this…
Which is more or less what happened today on news that… oh heck, we’ll leave it to the professional markets reporters to pretend to know work out what caused what.
So there he is.
NB: The Volatility Macaque also goes by the alternate name of the Rule 48 Ape. Expect to see him in other settings.