European Markets Just Got DESTROYED, All Major Markets Down Over 2%

Explosion

European markets tanked today and Italian and Spanish bond yields went crazy, amid renewed panic about Europe.

A quick look at the carnage:

DAX: -2.49%
CAC 40: -3.08%
FTSE 100: -2.24%
IBEX 35: -2.96%
FTSE MIB: -4.98%

Unsurprisingly, Italy was the focus of this storm.

Stocks tanked in tandem with sovereign fixed-income. The major headlines:

  • Spanish 10-year government bonds momentarily hit 6 per cent.
  • Italian 10-year bonds to German bunds spreads passed 400 basis points.
  • Treasuries and bunds returned to safe haven status, with Treasury yields falling below 2 per cent.
  • German two-year yields falling below Japanese yields for the first time ever.

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