November 23, 2011
ORIGINAL POST, SEE BELOW FOR UPDATES: This is becoming a bad nightmare, where every day is the same as the day before, with no progress, no change, and politicians using the same tired lines they’ve been using forever.
Today Angela Merkel is out talking about the need for political “reform” in Europe, as if that’s something new, or is if that would solve the crisis at this point (it won’t).
Naturally, yields are wider across the board. The yield on the Italian 10-year is back above 6.9%.
The French-German 10-year spread is wider once again.
A series of Eurozone PMIs confirm more contraction.
US futures are down, though by a bit less than they were last night. Currently S&P futures are pointing to a decline in the neighborhood of 0.6%.
UPDATE 5:25: We’ve had a string of more negative developments, most notably in Germany where a bond auction just went very poorly, shocking everyone. You don’t see this very often, on “risk off” days, that yields on Bunds are higher.
Meanwhile, Eurozone industrial orders, we’ve now learned, COLLAPSED in September.
Dow futures are now off 120.
Update 6:08: Meanwhile, for some interesting insight into what’s going on in Belgium, see here.
This article was posted: Wednesday, November 23, 2011 at 4:30 am