Photo: Flickr/Javier Ignacio
The week begins in a grim manner.Europe is getting smoked and the numbers have been updated to reflect the carnage.:
- Spain is down 2.5%. Spain is down 2.7%.
- Italy is down 2%. Italy is down 2.8%.
- France is down 2% France is 2.6%.
- Germany is off 1.6%
- US futures are off about under 1%.
More worrisome, perhaps, is that peripheral yields are really shooting higher today. We’ve had some of these days in recent weeks, where markets tanked, but the sovereign bond situation was stable. Today? It’s bad. Spanish 10-year and Italian 10-year bonds are both jumping. In fact, Spanish yields have hit 6.2% for the first time since December.
There wasn’t too much notable that happened this weekend on the news front.
Greece is still trying to form a government and avert an election, although the presumption is that an election will happen. Basically it seems like just more fear.
One big development: More and more Eurozone officials are talking openly about Greece leaving. The taboo is disappearing.
UPDATE: 6:00 AM: Things are still getting worse.
Greece has gotten especially bad today, with the Athens market falling to a fresh 22-year low.
Here’s an intra-day look, via Bloomberg: