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.