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.

See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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