It's Already Been A Ridiculous Day In Italy

Since all eyes are on Italy, we just wanted to get you up to speed on what kind of crazy day it’s been already.

First the market opened down 3%, before bouncing back to just barely in negative territory.

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Similar story on the debt front.

Short-term yields spiked to over 5% initially, but have come down a bit.

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The 10-year is breaking to new highs as well

Meanwhile, if anyone cares about the real economy, Italian industrial production fell 0.6% when people were expecting a gain of 0.2%.

Update: Italian GDP just came out right in line with expectations with growth of 0.3%.

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