European markets taking.......>

GLOBAL MARKET/OPINION: European markets taking Lagarde's press conference so far

very negatively - Italian BTPs have taken an aggressive move lower, dropping as

much as 700 ticks on an intraday basis and prompting a market halt. Move is

dragging other EGBs lower in step, with OATs, Bonos and other core bonds lower.

IT/GE and FR/GE 10yr bond yield spreads have blown out, with both metrics

hitting multi-year highs.

- This has worked against the EUR, with EUR/USD falling further into negative

territory and briefly taking out the $1.1150 mark.

- Move follows Lagarde stating that the ECB are "not here to close spreads",

with the ECB putting further pressure on the fiscal side of the Eurozone

response rather than monetary.