Total disaster in peripheral Europe today.

Both Spain and Italy are imploding today.

Spain is off 4%!

Italy is off 3.5%!

Here’s Italy’s FTSE MIB index.


UPDATE: Gavan Nolan of Markit reports that Spanish CDS hits 500 BPS for the first time ever.

That also puts the IBEX 35 at its lowest since 2009.

UPDATE II: Europe just closed, with Italy and Spain off their lows but still down well over 3 per cent. Here’s our European market roundup >


SEE ALSO: 14 jaw-dropping facts about the Spanish economy >

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