lira italy
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Markets are generally up in Europe right now, and US futures are flat, but the real action is on the sovereign debt front, notably in Spain and Italy.
Both are seeing markedly lower yields for the second day.
The real action as at the short end.
The Spanish 2-year is now yielding 2.808%, which is a level not seen since 2010.

Italy's 2-year has dropped below 4%, a level not seen since September.

Given how important it is to be able to borrow cheaply, this certainly gives the countries a lot of breathing room, although persistently high long-term yields, especially at the long end in Italy remains a cause for worry though.
Obviously something has happened for the better though, at least on the short end -- likely some combination of confidence and the spillover effects from the ECB's aggressive attempt to ply banks with liquidity.