SCOREBOARD: Poor euro vision

European markets were hit by political scandal, with a flow-on effect for Wall Street.

It doesn’t take much. There was absolute carnage over in Europe with the Cac off 3 per cent, the Dax down 2.5 per cent and the FTSE 1.6 per cent lower. In Spain and Italy it was worse, with stocks down 3.8 per cent and 4.5 per cent respectively. These are big losses and we haven’t seen these sort of moves since the middle of 2012 when the world was ending again.

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