The Italian Market Is Getting Hammered And Yields Are Jumping In Spain

Joe Weisenthal

 Feb. 4, 2013

We mentioned earlier that there was weakness in Europe today, as fears grow about the political situation in both Italy and Spain.

Equity-wise, Italy is taking the brunt.

The market is down over 1.6%.

Here's an intraday chart of the Italian stock index, the FTSE MIB.

FTSE MIB

Meanwhile, Spanish yields are jumping.

The Week Begins: US Futures Are Sliding, Italian Market Getting Clobbered

Joe Weisenthal

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Harlequeen via Flickr

A decidedly "risk off" start to the week.

Europe is red across the board, with Germany down 1.2%, France off 1.25%, and Italy down 2%.

Shares of Italian bank UniCredit are down 3%.

US futures are solidly in the red, as well, with losses on the order of 0.5%, or at least in that ballpark.

In terms of news, things are still pretty quiet.

 There was a bad Italian business confidence report but mostly not much is going on in the headline-world.