ORIGINAL POST: Things are going from bad to worse in Europe this morning. Italy’s bond yields hit a new high. French yields are hitting a new high. Sovereign CDS are widening.
And now Spain…
One of the original PIIGS that people have forgotten about for a while is back with a vengeance.
It just held a 10-year bond auction, and according to CNBC’s Beccy Meehan, the yield was an eye-popping 6.975%.
Here comes 7%.
You can get a sense of Spain’s recent wild ride here, although this doesn’t even capture today’s big upward move in yields
Markets are in the red across Europe, although they’re not quite as bad as they were a few hours ago.
At this point, Italy is down just 0.5%. Germany is down 0.8%.
US futures have had a very volatile morning, moving from gains, to losses, to flat as of 8:45 AM.
It case it weren’t totally obvious by now… IT’S TIME FOR THE ECB.