From the moment the words left Merkel's lips this morning that 'conditions weren't right' for euro-bonds and would send 'completely wrong signal', risk assets started to crack lower. Both ES and European markets are now well below yesterday's lows as EURUSD also turns red and sovereign spreads start to break wider (and bear flatten) again.
And European equity and credit markets are diving fast also...
As EURUSD takes out yesterday's lows...
And European sovereign risk spreads are
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