World stocks, euro surge after surprise EU summit deal

Mark O'Byrne submits: The euro, global equities and bonds in peripheral Eurozone countries are all lower this morning on heightened concerns about the debt crisis in the Eurozone. The euro has fallen against all currencies and is now at a record low against gold at EUR 1,080.21/oz. Silver is lower against most currencies but is higher against the Australian dollar and the euro ( EUR 24.80/oz) (click charts to expand).

As I watch the implosion of Greece, with shops closing everywhere and GDP plunging like a rock, I cannot help but wonder if we are witnessing the start of a similar trend in Italy. To be sure, Italy has a manufacturing base that Greece does not have, but retail aspects and shop closings in Rome as compared to Athens seems rather similar. If that sounds far-fetched, please consider Summer of gloom for crisis-hit Rome shops

(LONDON) — European stocks slumped at the open Monday as investors gave their initial verdict to a weekend plan to tax depositors in Cypriot banks as part of a bailout of the Mediterranean island nation. Though Cyprus only accounts for around 0.2 percent of the combined output of the 17 European Union countries that use the euro, the tax on depositors has stoked fears of bank runs in other troubled European economies. Since the European debt crisis began in late 2009, savers have been spared.

(LONDON) — European stocks slumped at the open Monday as investors gave their initial verdict to a weekend plan to tax depositors in Cypriot banks as part of a bailout of the Mediterranean island nation. Though Cyprus only accounts for around 0.2 percent of the combined output of the 17 European Union countries that use the euro, the tax on depositors has stoked fears of bank runs in other troubled European economies. Since the European debt crisis began in late 2009, savers have been spared.

Last night's election in Italy is resulting in remarkable market gyrations all around the world.

A wave of protests swept across Europe today. Two-thirds of Spain's commuter trains were shut down. In Portugal, bus and train were suspended across the country. Italy, Greece, and Belgium also saw major protests. Please consider Der Spiegel report Anti-Austerity Protests Spark Violence