After a brief push back above Friday's lows, ES is back down to the early overnight lows (-17pts) just in time for the opening of Europe. Early runs on ITRX Main show +10bps at 198/200bps, XOver breaking 800bps (+35bps), and SovX +23bps to 333bps - not pretty (and worse than simply catch up to late Friday's demise). Financials continue to bear the brunt but non-financials are getting dragged out now more and more.
Gold and Silver are leaking sideways to lower but WTI futures have already broken below Friday's lows (as has copper). TSYs are 2-3bps lower in yield (and 2s10s30s is 2-3bps lower). The risk-basket CONTEXT implies around 1129 (with ES at 1126 for now) but things are moving fast as the JPY crosses are very jumpy. All-in-all, what Mr. Trichet we are sure would describe as stability.
UPDATE: 2Y EU Soverigns are generally leaking higher in yield (ITA +20bps, IRE +7bps, ESP +6bps, FRA +4bps, GER unch). PTE 2Y -33bps and GRE -98bps - but these are trading on price not yield at this point and are gappy as anything.