Italy Getting Destroyed This Morning, As Proof Emerges That It's Driving The World Lower

Two things to realise about Italy today.

First, it’s getting destroyed again.

FTSE MIB off over 2.2%.

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The other key thing to realise is that it’s the proverbial tail wagging he dog.

You can see that when it began to tank just after 6, it sent US futures lower.

chart

You don’t need much of a trigger right now to spur selling in Italy, but comments this morning from EC President Barroso about the bailouts already failing haven’t helped.

Anyway, Trichet speaks at 8:30 AM ET. Should be interesting.

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