Pay Attention: Markets Are A Total Wreck Right Now

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Photo: udono, Flickr

A quick update on the total wreck in markets right now:

  • Italian stocks are off 3.4%.
  • Short-term Italian yields are going berserk.
  • Spanish stocks are off 2.8%.
  • 2-year yields: Same mess.
  • Shares of Deutsche Bank are down 2.7%.
  • Dow futures are off 130.
  • Gold is surging to near an alltime record.

Basically: we have debt crises on both sides of the Atlantic right now.

In Washington, politicians can’t defuse a bomb of its own creation (the artificial debt ceiling nonsense) and in Europe the crisis has spread to Italy, which is 10-times more terrifying than Greece.

No way to put a good spin on any of it.

For more on what’s going on this morning, see here.

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