It Is Ugly In Europe

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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