Early Rally Fades After A Big Pile Of Ugly European News

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Photo: Surizar, Flickr

Markets were a bit higher in the very early going, but a slew of ugly European headlines have chipped away at the bullishness.Let’s just run down quickly a few things that are going on.

  • Italian yields a shooting up again. The 10-year now yields 7.137%.
  • Italian bank UniCredit is getting destroyed today, falling 12%. It’s now lost nearly 40% this week.
  • Deutsche Bank is off 2.2%.
  • German factory orders plunged 4.8% in November — that’s much worse than the 1.8% that analysts had expected.
  • Eurozone retail sales fell sharply in November.

Meanwhile, the entire world awaits the US Non-Farm Payrolls report, which comes out at 8:30 AM ET.

As for that report, here are a few preview numbers to whet your appetite.

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