European markets get slammed on a variety of issues
- Angela Merkel's ruling party loses state elections,
- Concerns rise over whether any political will still exists to deal with the European sovereign debt crisis,
- German stocks get slammed losing 5%,
- The banking sector is particularly hard hit on the heals of the US decision Friday to investigate 17 of them. The cost to insure banks against default rises on institutions across Europe (CDS),
- Greece 1-year bond yields 70% and 2-year yields 50% (sovereign debt yields across Europe in chart below),
- Fears grow over the possibility for a European recession,
- Key ruling in German courts due on Wednesday concerning whether the country can legally bail-out Greece, Ireland and Portugal.
Stock market indicators in the US show the probability for a very weak opening Tuesday morning!
|Greece||2 Year||5 Year||10 Year|
|Portugal||2 Year||5 Year||10 Year|
|Ireland||2 Year||5 Year||10 Year|
|Spain||2 Year||5 Year||10 Year|
|Italy||2 Year||5 Year||10 Year|
|Belgium||2 Year||5 Year||10 Year|
|France||2 Year||5 Year||10 Year|
|Germany||2 Year||5 Year||10 Year|
The Political Commentator: Please subscribe, Tweet and Google +1 below!