SCOREBOARD: European pantomime

Markets took a strong 'risk off' stance overnight as sabre rattling over European bailouts continued.

For a night where there was no news or dataflow to speak of we saw some solid moves. All on the downside I should add, as markets switch into ‘risk off’ mode. It’s a flick of a switch these days and we saw some big moves, especially on the European bourses. Check it. The Dax was smashed falling 3.2 per cent, the CaC was down 2.9 per cent while the FTSE fell 2.1 per cent. All the major indices actually underperformed Spain’s main index, which was off only 1.1 per cent. In fact Bankia, one of the large problem banks, ended 7 per cent higher! It's fair to say at one stage the Spanish market was down about 5 per cent, but then the regulator came in and banned short-selling, also explaining that gain for Bankia. And well, that definitely seemed to sort things out. The Italians did the same as well I might add, but their key index followed the majors, falling 2.8 per cent.

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