We just noted that the Italian market is plunging today — down nearly 5% — after an election that seems virtually guaranteed to lead to a hung parliament or an unstable coalition incapable of doing anything.The vote was not only a rejection of the current “reform” path, it was a big rejection of the EU/Merkel/the ECB/etc.
Anyway, the fallout isn’t limited to Italian stocks.
Spain is down 3.4%, and its borrowing costs are spiking to.
Meanwhile, Germany is down 2%.
France is down 2.59%.