Today is a very bad day for Europe’s weakest markets.
Both Italy and Spain are getting taken to the woodshed.
Italy’s FTSE MIB index down over 4%.
When we originally posted this the index was off just 4.1 per cent. It ended off over 4.9%.
The yield on the 10-year Italian bond is up to 5.66%, and of course a whole bunch of Italan banks got slammed.
Similar carnage in Spain, of course.
This one just got worse and worse throughout the day.