EUROPE JUST GOT CREAMED

pie to the face

Photo: Homini :) on Flickr

European stocks sank miserably today, with Italy and Spain marking another day of big losses. The U.K. continues to avoid much of the market angst however, though it closed the day in the red.A look at the scoreboard:

German DAX: -1.6%
French CAC 40: -1.8%
British FTSE 100: -0.5%
Italian FTSE MIB: -2.5%
Spanish IBEX 35: -2.9%

The value of the euro against the dollar declined to hit $1.23, its lowest value since mid-2010.

Sovereign borrowing costs also joined the carnage, rising sharply in Spain and Italy, up 25 bps and 12 bps respectively on two-year borrowing. A look at the Spanish 2-year:

Photo: Bloomberg

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