Markets Getting pummelled, Borrowing Costs Explode In Spain And Italy

spain strike march 29 2012

Photo: AP/Manu Fernandez

ORIGINAL POST, SEE UPDATE BELOW: The beatings continue, especially in Spain, where the IBEX is down 1.7%.This markets three straight days of substantial losses to start the week.

Yield on the Spanish 10-year bond has shot above 6.556%.

As a reminder, we’re talking about a potential crisis in a country whose economy would make Greece’s look like a joke.

Italy’s borrowing costs, meanwhile, keep edging up, with the 10-year yielding 5.8825. Its market is down 0.45%.

Overall the tone is negative. The Aussie dollar (a representation of risk appetite in Asia) had a horrible night and US futures are lower.

Meanwhile, check out the surging Spanish 2-year bond >

UPDATE: It’s really getting ugly on the Spanish and Italian debt front. The Italian 10-year bond is now yielding above 6%.

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