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Euro Sell-Off

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WORLD HEADLINES – A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome.

STOCKS – Stocks in Milan slid 2.6 percent on the main index  after a 2.1 percent fall on Monday.  E-Mini futures for the S&P500 also gave up early gains to be down 0.5 percent.

BONDS – Short-dated Italian bond yields, one of the most sensitive gauges of political risk, soared as much as 80 basis points to their highest since late 2013 as investors’ anxiety deepened.

COMMODITIES – U.S. crude futures tumbled to six-week lows and looked set for a fifth straight day of declines. The July contract was last down 1.6 percent at $66.81 a barrel.

CURRENCIES – The euro dropped below the $1.16 line  for the first time in 6-1/2 months, down 0.3 percent on the day. The dollar was up against almost all major currencies except the  Japanese yen. The U.S. currency is heading for its best month in 1-1/2 years, a move that is hurting many emerging market countries that borrow in dollars.

ECONOMIC DATA – US CB Consumer Confidence due at 10:00 ET.

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