WAKE UP: Italian Yields Are Rising, French-German Spread Hitting A New Record, And Markets Are Falling

And here we go again….

Europe is off to an ugly start with spreads blowing out everywhere, notably Italy (of course)

It looks like the 10-year yield wants to zoom back to 7%.

chart

Other measures, like the French-German spread and the Belgian-German spread are blowing out quite markedly.

Italy’s FTSE MIB index if down about 2%, though that’s actually a little better than the 2.7% it was down earlier in the trading session.

US futures are heading for a decline.

There’s been some economic data out of Europe, most of it benign. French and German Q3 GDP came in right in line with expectations. UK inflation came in at 5%.

US futures are pointing to a modestly lower loss in the beginning.

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