It's A Bad Scene All Around Europe This Morning

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Photo: Sugar Pond, Flickr

Rough markets today in Europe, one day after Moody’s downgraded Portugal to junk.Portuguese bonds are getting hammered as are other bonds from the other PIIGS. Irish debt is also getting smashed.

Equities are down across the board.

Germany’s off just 0.23%, but Spain is off 1.5%, and Italy is down 1.9%! Athens is off 0.5%.

So yeah, ugly across the board.

It looks like the big risk rally is finally taking a break.

For more on what’s going on in Italy this morning, see here.

And for more on the Portugal downgrade, and why it’s having such a profound effect, see here.

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