Europe is getting smoked this morning.
- Spain is down 1.7%
- Italy is down 1.4%
- Germany is down 1.2%
- Greece is down 4%
- The euro is at a 4-month low.
- Sovereign spreads are wider.
So what's going on?
- People are still freaking out about Cyprus and trying to figure out what it means.
- Contradictory statements continue to get made about whether Cyprus is a template for other countries or not.
- European economic sentiment fell for the first time in several months.
- Italian factory orders came out very bad.
- Italian politician Pier Luigi Bersani says the country is a mess and it's going to be hard for a government to form.
So basically, Europe is being Europe.
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