European markets are sinking as Greece's showdown heats up

Greece riot AthensREUTERS/Yiorgos KarahalisGreek riot policemen rest in front of graffiti written on the wall of a bank during violent demonstrations over austerity measures in Athens, May 5, 2010.

European stocks are sinking in trading early Monday, following new Greek PM Alexis Tsipras’ speech, in which he laid the ground for a massive confrontation with the country’s creditors.

Greek stocks are sinking most of all: as of 9:35 a.m. GMT, they’re down 4.69%. Banks, as usual, are getting hit hardest. Bank of Piraeus is down 11.5% and Alpha Bank is down by 8.18%, after last week’s roller coaster ride.

Here’s the scorecard for the bigger European indexes:

France’s CAC 40: -1.32%

Germany’s DAX: -1.89%

UK’s FTSE 100: -0.97%

Spain’s IBEX: -1.96%

Italy’s FTSE MIB: -1.80%

Asian markets were mixed: Japan’s Nikkei closed 0.36% higher, but Hong Kong’s Hang Seng ended the session down 0.64%. Mainland China’s Shanghai Composite index ended up 0.62%.

US futures are down: the S&P 500 is 11.75 points lower than Friday’s close, and the Dow is 93 points down.

Any further big announcements on Greece’s showdown could move markets again today.

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