SCOREBOARD: Mediterranean malaise

Offshore markets continued their downward trend after Spanish and Italian bond yields continued to rise.

A batch of mixed earnings reports and ongoing European concerns saw stocks off for the third session. Unfortunately there was no let up in yields for Spanish and Italian sovereign debt and the catalyst for such an action increasingly comes down to two equally unpalatable, and what should have been unnecessary, options: the ECB printing money or a bailout. The problem with a bailout of course is that it would guarantee that Italy would also need one at some point, as ridiculous as that is. So I’m not sure that’s the best option. But, if there is one thing the Europeans have been consistent in, it’s choosing the worst option. We may get a better idea of what’s going on over the next day or so as there is currently a crisis meeting between the German and Spanish finance ministers being conducted.

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