We mentioned this morning, that European markets were moving to the downside in early going.
Things have accelerated a bit since then.
Italy is now down about 2%.
Germany is down about 1.5%.
And US futures, which had been higher -- as investors held out (it seemed) some hope that the Obama jobs bill could get turned into reality -- have now gone negative.
The big losers are French banks. SocGen is off 7.3%. Natixis is off 4.33%.
As for the story: There's a ton of moving parts moving in Europe right now. The FT reports on ongoing strains in the bank funding market. There's a big G7 Weekend coming up, as well as the imminent Greek endgame. Finally, Lagarde is out with (yet) another speech calling on recapitaliszations of European banks.
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