Bad economic news rains down on markets again

I'm not sure even ducks like the way the day is starting here in Philadelphia with the torrential downpours.

It's apparently raining in the European equity markets as market participants continue to obsess over what they don't know, or what they fear might happen. Here's what we know:

Morgan Stanley used the phrase "dangerously close to recession" to describe both Europe and the United States as the Wall Street firm revised its forecast downward.

The Wall Street Journal is reporting that the Federal Reserve is taking a close look at the U.S. units of Europe's biggest banks to see they have "reliable access" to funds need to operate in the United States.

And finally, the weekly jobless claims number bumped back above the 400,000 level, rising by 9,000 to 408,000.

Yes, uplifting news is hard to come by on this Thursday morning and that's why stocks in the U.S. are expected to open down heavily. Shades of last week.

The deluge is enough to drown local bits, such as Kensey Nash reporting a decline in revenues for its Q4 and full-year ended June 30. Fourth-quarter net income for the Exton medical device maker was $2.95M, or 34 cents per share, vs. $5.92M, or 60 cents per share.

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