As the EU Summit really eoes into gear, things are looking bad again in Europe (what else is new?).Borrowing costs for Spain are jumping, as the yield on the Spanish 10-year bond has hit 7% again.
Stock markets for both Spain and Italy are both down just under 1%.
The German DAX is down about 1%. This comes after a weak German unemployment report that saw twice as many people lose jobs in the month (still just 7,000) than expected.
Also, the Euro is getting mauled.
A major culprit for today’s losses is a set of headlines out from Germany essentially saying that nothing will be accomplished at the summit… no talk of treaty changes or banking union or anything that might of actually be of substance.