DEVELOPING: Markets Aren't Collapsing In Europe

The good news is that things aren’t completely coming unglued yet in Europe.

After yesterday’s rout, which saw Spanish borrowing costs soar, it looks like we’re getting closer and closer to falling off of the cliff but for the moment, things are OK.

Italian bond yields are falling a little bit.

Italian stocks have already spiked back and forth a couple of times.

Via Bloomberg, here’s an intraday look at Italy’s FTSE MIB index.

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As for those Spanish yields, the 10-year started off with an ominous yield spike, but has since come in.

One guesses that perhaps the improvement is the ECB’s handiwork.

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US markets are currently pointing to a green open.

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