OH CRAP: Look What's Going On In Europe

This is not what European leaders want to see less than a week after the big EU summit.

Check out what’s going on with the Italian-German 10-year bond spread, a fantastic gauge of contagion fears, and the health of Italy.

Straight up today. It now stands at 404 basis points.

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Here’s a little perspective on where this measure has been:

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You know what else is a great measure of fear in Europe?

French banks.

Here’s SocGen:

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Meanwhile U.S. futures continue to head lower. Dow futures off over 100 right now.

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