Europe is getting smashed today.
Italian stocks are down 2.5%.
Greece is down 4%.
France and Germany are down, but a bit less.
A few things are going on.
One is that European GDP overall came in weaker than expected. Italy showed an unexpected economic contraction. France is flat-lining. Portuguese growth fell 0.7%. The Greek economy shrank by 1.1%. So suddenly the economic comeback looks fragile.
Peripheral bond yields are shooting higher as well.
Meanwhile, opinion polls in Greece are showing gaining support for both the hard-right and the hard-left parties.
Combine all this with comments last night from hedge funder David Tepper, who expressed nervousness about the market, and you have the recipe for an ugly day.
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