ORIGINAL POST, SEE UPDATES BELOW: It looked initially like today might be quiet in Europe, a merciful gift to those of us in the US who were hoping for a quiet Thanksgiving.In fact, there was a pretty solid rally across the board, with yields down and stocks much higher.
But all that’s changed. At a press conference with Nicolas Sarkozy, Angela Merkel, and Mario Monti, talk of an unlimited ECB bailout for all of Europe was downplayed.
Since then markets have turned south.
Here’s a look at the intraday behaviour of the Italian market, which basically tells you everything you need to know.
Update 11:08 ET: Stocks have come back a bit, and are close to flat. However the Italian 10-year is now above 7.1%.
UPDATE 11:30 ET: European markets have now closed, and the Italian 10-year remains above 7.1%.