MERKEL WON’T BUDGE, SPAIN AND ITALY GET DESTROYED

The Spanish IBEX 35 and the Italian FTSE MIB got crushed today, after Greek elections failed to reassure markets that anything has changed for the troubled Spain and Italy.

Comments from German Chancellor Angela Merkel worsened the blow. She told reporters near the end of European trading that she will not budge on the terms of the Greece aid package.

In core Europe, the DAX held on to gains to end just slightly higher, but the French CAC 40 fell 1 percent.

That negativity appears to have carried over into U.S. markets, all of which appeared to drop significantly in the wake of those headlines. Only the NASDAQ is holding onto gains.

Here’s Spain, down 3.0 percent:

And Italy, down 2.9 percent:

ftsemib

 

Read more: http://www.businessinsider.com/spain-and-italy-are-getting-destroyed-2012-6#ixzz1yCqDKd2D

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