SCOREBOARD: Mediterranean waves

European markets suffered as political uncertainty and reports of a weak Italian bond sale added to anxiety over Cypriot banks.

Cypriot capital controls (limit of €300 per day and "close scrutiny" of transactions over €5000) are to be tested shortly as the country's banks reopen. Anxiety is high and safe haven flows were in vogue – kind of. It doesn’t help the mood when you see news reports that the Italian Treasury auction held last night was poor, investors fearful.


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