Overnight Sentiment summed up: Spain

The Spanish Ibex is down 3% to 3 year lows, we talked about Spain a lot lately, things are happening faster then I can keep pace. Yields have stayed below 6%, but tomorrow Spain will "attempt" a 10 year auction, these are outside of the 3 year LTRO protection window and as such, seen as a likely failure.

Furthermore we have the IMF in its World economic outlook warning of the collapse of the Euro and "full blown financial market panic"-sound familiar?


Overnight Spain released a report showing the growing number of non-performing loans.

There are a lot of details I may cover later, but everything overnight is more or less centered squarely on Europe and Spain especially. France is seeing contagion is their CDS spreads, what a difference 1 day makes.