Quick Europe Update: Sell-Off, But Not Panicky Enough

Some like Germans are preparing for default, while French are still in denial by thinking that it is premature to talk about partial nationalisation of French banks.  In the epicentre, the Greeks are still fighting by proposing some even more revenue.

Still, I am not convinced that it will work out.

The result: CAC was down 4.82%, and DAX was down 3.13%.

Italy’s CDS rose above 500 basis points according to Markit, while Greece 1-year yield surges to another record of 107.994% (one particular bond maturing on March 2012 is now yielding 196%).  Gold is down, Euro is down (though off its low).

Special mention: Dollar is up.

Overall, however, it does not feel panicky enough.

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About Zarathustra

Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.