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 >
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