It's a landmark day for European sovereign bonds, with Spanish and Italian yields soaring.
The latest big news: the spread between Italian 10-year bonds and German bunds of the same maturity just hit 400 basis points. Yields on those bonds are up 23 basis points to 5.68 percent. It's market is tanking fast, now down 5 percent.
According to Bloomberg's Linda Yueh, German 2-year bunds have also fallen below Japanese bonds for the first time ever, yielding 0.109 percent. This suggests that investors are dashing like mad for safe havens.
Meanwhile yields on Spanish 10-year bonds are up 22 basis points to 5.77 percent.
A look at today's carnage in Spanish 10-year yields...
UPDATE: And Spanish 10-year yields just hit 6.00%. That's a rise of 25 bps today alone.