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Global Markets Update: Slow & Painful 2012 for Europe, Says SocGen Economist

Wednesday, 21 Dec 2011 | 11:28 AM ET

European stocks rise, then sell off. A total of 523 banks borrow 489.2 billion euros in ECB funding, well above expectations. Banks likely to use most funds to pay down existing debt. Red Hat and Oracle misses weigh on tech stocks. Slow and painful 2012 ahead for Europe, according to SocGen economist. The MF Global U.S. trustee pursues $700 million in the UK. HSBC sells Japan private bank to Credit Suisse. UK consumer morale falls to its lowest level in nearly three years. With Dan Greenhouse BTIG chief global strategist.