CAC 40: -3.08%
FTSE 100: -2.24%
IBEX 35: -2.96%
FTSE MIB: -4.98%
Unsurprisingly, Italy was the focus of this storm.
Stocks tanked in tandem with sovereign fixed-income. The major headlines:
Spanish 10-year government bonds momentarily hit 6 percent.
Italian 10-year bonds to German bunds spreads passed 400 basis points.
Treasuries and bunds returned to safe haven status, with Treasury yields falling below 2 percent.
German two-year yields falling below Japanese yields for the first time ever.