Italy And Spain Are Selling Off

Business Insider

Markets have lost their early gains and they're now trading near their lows in Europe.

England's FTSE 100 is down 0.2%.

France's CAC 40 is down 0.3%.

Germany's DAX is down 0.2%.

Spain's IBEX is down 1.1%.

Italy's FTSE MIB is down 1.2%.

One of the big stories of the year has been Italy's falling borrowing costs, which have been attributed to the leadership of Prime Minister Mario Monti.. However, Italy faces an election early next year, and Monti's approval rating has been falling.

Earlier this morning, a 7.3 magnitude earthquake struck off of the coast of Japan, shaking buidlings in Tokyo.  However, there are currently no reports of major damage.

Germany's Bundesbank slashed its 2013 GDP growth forecast to 0.4 percent from 1.6 percent.  This comes after the ECB slashed growth rates during yesterday's interest rate announcement.

Later today, we'll get the November U.S. jobs report, which will include an update to the unemployment rate and the change in nonfarm payrolls.

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Here's an intraday look at Italy's FTSE MIB via Bloomberg:



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