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News Link • Economy - International

European Markets Are Getting Clobbered—Here's What's Going On

•, Matthew Boesler

Spain, which led most of the rally, is down 2.2 percent heading into the close.

The Italian FTSE MIB is down 1.6 percent and the German Dax and French CAC 40 are both in the red around 0.75 percent.

The price action following the results of the summit of EU leaders that concluded this morning shows what's really on the market's mind.

The ministers failed to reveal to the public any details regarding discussions of the Spanish bailout situation, and plans to push ahead with banking union, which is important for eventually recapitalizing Spain's mess of a banking system, seem to be on fragile footing.

German Chancellor Angela Merkel voiced concerns that the plans for banking union might miss their target.

And bank stocks dragged the Spanish market lower today, with Bankia down over 11 percent and Popular down nearly 6 percent.

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