As the eurozone is once again gripped with fear

<p>As the eurozone is once again gripped with fear, eyes fall on Italy today as they host a 10-year bond auction. Further information from the […]</p>

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  • As the eurozone is once again gripped with fear, eyes fall on Italy today as they host a 10-year bond auction.
  • Further information from the European Commission’s economic strategy will hopefully give a clearer indication for fiscal consolidation with the focus on Spain and Italy.
  • All this indecision has lead to a reversal from yesterday’s gains and currently we see the FTSE down 50 points at 5342.
  • In Europe the Spanish Ibex is down 1.3%, the Italian MIB is 0.6% down and the Dax is just shy of 1% down as well.
  • The Dow Futures are currently down 55 points at 12,522.
  • Unsurprisingly the biggest fallers on the FTSE this morning are the ex-div stocks.
  • National Grid down 4%, Capital Shopping Centres down 4%, Amec are off 3.5% while M&S are 3% down as well.
  • Man Group however are bucking the trend, they are the biggest gainer, UP 1.3% this morning having lost around 40% of their value this year alone.
  • As well as the Italian bond auction, we also have US Pending Home Sales at 3pm and the ECB President Mario Draghi speaking around the close of European markets.

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