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For the second day in a row, the tone is decidedly negative.European markets are down solidly.
Italy is off 0.9%. France is off 0.75%. Germany is off 1%.
The good news so far is that the selloff isn’t being accompanied by a yield blowout. The Italian 10-year remains below 5%.
The selling in Europe follows selling in Asia, where the announcement from China that it’s targeting lower growth apparently continues to reverberate through financial markets. The Shanghai Composite fell 1.4%. Japan lost 0.6%.
In the US, futures are off 0.5% or so.