Carnage Continues: EU Equity Futures Crash 7%, Bund Yields Plunge 20bps, Italy/Spain Bonds Dumped

Tyler Durden's picture

It appears Greece matters after all - US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps.

  • *EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN

DAX is down over 5%...

 

France's CAC and UK FTSE 100 are also down hard.

  • *GERMAN BONDS SURGE AT OPEN, 10-YEAR YIELD FALLS 20 BPS TO 0.72%

 

  • *SPANISH 10-YEAR BONDS DECLINE WITH YIELD RISING 43 BPS TO 2.54%
  • *ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%

 

We await the hand of God Draghi...

 

Charts: Bloomberg

Bonus Chart: Nikkei 225 down 715 points...

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Md4's picture

Keep your eyes open for the possibility of some major event, beyond the meltdown (if that's what this finally is), to divert our attention...

m

Wrascaly Wabbit's picture

Good job there is no contagion! 

dreadnaught's picture

and now the big hit from the pop group, Contagion: DOMINOS

 

Puerto Rico, then Spain, Italy, Portugal, etc etc

cherry picker's picture

You forgot the USA after Spain, maybe before.

Atomizer's picture

The fucker's creating a terrorist attempt during Americans Independence day will fall into a mouse trap. 

Peter Pan's picture

The Greek stock market should remain stable today....

 

PS. It won't be opening.

 

Peter Pan's picture

Someone yesterday commented....."RELEASE THE CRACKEN !"

I say,  "RELEASE THE GOLD PRICE !!"

 

 

crash_davis's picture

this may sound like a dumb question but how long until a TBTF bank blows up because of this. How long until the CDS contracts and margin calls start? days?

Boomberg's picture

TBTF means just that. Big banks blew up in 2009 and you, your children and grandchildren, assuming you are working and not in the 1%, are the ones that have got blown up. 

cherry picker's picture

Why do you think they brought in Glass-Seagal?  They learned something from the Depression and put in rules to prevent it from happening again.

But the traitors, thieves, charlatans, fucking politicians who don't read stuff they pass and screw up the Constitution any time they can, repeal it as "This fucking time it is different"

They push non GAAP accounting on the unknowing.

Blankfein, Dimon, Obama, Buffet, CIA, NSA, Nuland, George W, Geitner, Paulson, Bernanke, all of you low lifes, your time is coming, you better run for the fucking hills.

Paracelsus's picture

Margin Call,mofo's.Someone somewhere's is over-leveraged...

Leaping Bankers next week or nailguns? Kredit-Anstalt moment?

I was thinking last week about PR,Japan,and Greece crashing at the same time....

And here come's China having trouble with their casino!!

They dump US Treasuries and link the renimbi to Gold by the end of the year.

America is toast.Stick a fork in it.Thank you Wall Street.....

Now FEMA camp everyone with two passports,ground all the Biz jets.....

biggestbrother's picture

Im long USD. 

IT will be a good old fashioned crash. China wont dump treasuries cos all the money int he world will have no better home than US paper. 

And that means that the US will once again luck out. Home free. Just when bond market was looking illiquid old fashioned stock market catastrophe will push money back into treasuries. 

 

DUMB LUCK. 

belgtrader's picture

Oh no the Chinese stock market is going bear!

It is now only up 100% compared to last year. Will somebody please think of the children!

belgtrader's picture

Oh no the Chinese stock market is going bear!

It is now only up 100% compared to last year. Will somebody please think of the children!

Non Passaran's picture

The price of gold might drop today, as a show of confidence in CB's. 

1. Nothing bad has happened just yet

2. The referendum will decide in favor of Troika

3. CB's are ready to print and lend

 

belgtrader's picture

Wow look at all this carnage!!!

Seriously though Zerohedge needs to stop jumping on the panic train every few days. Markets are down less than 3% now which means nothing happened besides giving back the gains from the last week(s). Most European stock markets are still up over 10% on the year. 

Better go 100% physical gold and post "gold bitchez" for another 5 years while others make 200% profits.

It's pretty simple. As long as QE keeps going in Europe you just buy every dip. When QE ends you leave the market for a while. At that point if you don't like cash, sure feel free and buy all the gold you can. Right now it's pretty silly to do though. 

belgtrader's picture

Wow look at all this carnage!!!

Seriously though Zerohedge needs to stop jumping on the panic train every few days. Markets are down less than 3% now which means nothing happened besides giving back the gains from the last week(s). Most European stock markets are still up over 10% on the year. 

Better go 100% physical gold and post "gold bitchez" for another 5 years while others make 200% profits.

It's pretty simple. As long as QE keeps going in Europe you just buy every dip. When QE ends you leave the market for a while. At that point if you don't like cash, sure feel free and buy all the gold you can. Right now it's pretty silly to do though. 

MasterOfTheMultiverse's picture

Exactly, now would also be good time to buy European stocks.

Hyjinx's picture

Especially Greek - such a deal!

samjam7's picture

SNB officially announced it intervened in the forex market. At least they admit it, not that it's any surprise. Considering how bloated their balance sheet is I guess they told themselves a few billion more or less won't matter. Anyway they intervened overnight so I guess the Euro would have been even lower now against the Dollar. Crazy and that just to keep some corps. happy...

http://www.bloomberg.com/news/articles/2015-06-28/swiss-franc-pressure-m...

And rates elswhere are also recovering, they're at it again!

crash_davis's picture

so the negotiations continue... each side agrees to some sort of new can kicking extension, portraying it as major concessions, then the greek people vote in favor of austerity and staying in the euro. Syzia is finished. the global ponzi continues?

MasterOfTheMultiverse's picture

Looks like Dijsselbloem/ECB is going Cypriot'ievel on Greece's ass. Hope Russian kleptocrats don't have too much money stashed away on Greek bank accounts and/or need to take any losses, otherwise get ready for another MH17'esque airplane downing. http://blogs.wsj.com/eurocrisis/2013/03/21/how-much-russian-money-is-in-...

Mitch Comestein's picture

Thank goodness i dumped my 5,000 Ouzo futures on Friday.  Safe at last.

 

On a serious note, I am really interested in seeing what GREK ETF does Monday.

Non Passaran's picture

I don't think it'll do anything (altho that's "something").

My guess is it'll be unavailable for trading.

mendigo's picture

You would think the banks would be front running the ppt on those bonds.

Anyway sharp reversal is expected as the contagion is further spread and the risk is transfered to the people.

NoIdea's picture

US futures to be green by the close to prove there is nothing to worry about. DAX already 200 points above the lows. Feels like a normal day already

ramgold2206's picture

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Government needs you to pay taxes's picture

The Greeks should ask themselves what the US would do.  If they instinctively order their military to a border, then <BINGO>, answer found.  Start a fucking war, Greece.  Tell Europe if they want collateral, no fucking problem.  Line those tanks up and head for the oil fields of Persia (thru Turkey).  Settle the score with the Islamists, grab some collateral to pay off their bill with the EU, and for Chrissakes, entertain us!!!