The Spanish IBEX 35 is getting absolutely destroyed this morning, after starting the day on a positive note.

It’s now down nearly 2.6 per cent. The Italian FTSE MIB is not far behind, down nearly 2 per cent. Surprisingly, the CAC 40 is holding onto early gains despite some dismal PMI numbers—it’s still in the green for the day at 0.5 per cent higher.

UPDATE: The IBEX 35 extended losses right after today’s dismal U.S. ADP jobs report, and is now off a full 3 per cent.

Both the CAC 40 and the German DAX remain in the green.

UPDATE II: Italy is catching up to Spain on losses, as rumours about an imminent downgrade of its banks fuels a sell-off.

The FTSE MIB is now off more than 2.7 per cent. The IBEX is now off 3.2 per cent.

Check out the IBEX 35 today:


Photo: Bloomberg

MORE: 12 Things You Need To Worry About In Europe Right Now >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.