Overnight News

Google Maps reports Iowa Counties where Ron Paul won; these include Osage, Chickasaw, Winneshiek, Allamakee, Buena Vista, Clayton, Blackhawk, Jackson, Cedar, Poweshiek, Washington. Louisa, Adams, Clarke, Decatur, Jefferson, Van Buren, Waterloo, and  Lee.

PatchworkNation reports Romney won in Money Burbs, Boom Towns, and Campus & Careers, while Santorum won in Emptying Nest, Evangelical Epicenters, Tractor Country, Immigration Nation, and Service Worker Centers. And PatchworkNation reports Romney actually did worse with the most culturally conservative counties in Iowa, Tractor Country and the Evangelical Epicenters, than he did in 2008.

Ron Paul won heavily in Washington County, a Tractor county, but lacking a PatchworkNation power base, I conclude that Ron Paul will not win the Republican nomination, and that at this time it is a two person race between Romney and Santorum.

Patrick Martin of WSWS reports Nearly 60 percent of those attending the caucuses identified themselves as Christian fundamentalists, and these provided the bulk of the support for Santorum, an ultra-right Catholic who based his campaign largely on opposition to abortion and gay marriage. In his address to a rally late Tuesday night, after the polls had closed, Santorum attributed his showing to “the daily grace of God.” He went on to denounce any proposal to raise taxes on the wealthy or spend money on social welfare programs.

Yahoo Finance reports that the European Stocks dropped in overnight trading, and that the Euro, FXE, dropped from 130.02 to 129.80, as Richard Hubbard of Reuters reports UniCredit launched a 7.5 billion euro ($9.8 billion) two-for-one rights issue at 1.943 euros per share, a discount of 69 percent to its closing share price on Tuesday. The capital increase, meant to shore up its ravaged balance sheet sent shares in Italy’s largest bank by assets down by 9 percent. European stock markets, which fell early on Wednesday to break a four-session rally, moved further into negative territory, with the FTSEurofirst 300 index falling about 0.5 percent. Banking stocks, many of which are heavily exposed to euro zone debt, were down about 1.5 percent. “Whatever way you slice and dice it, UniCredit’s discount is much bigger than for the other banks and that being the case, I think it’s come as a bit of a shock to some investors, and I think some of them are just bailing out,” said Andrew Lim, banks analyst at Espirito Santo.


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