Closing changes for the main bourses on Friday:

  • German DAX +0.65%
  • French CAC -0.2%
  • UK FTSE +0.2%
  • Italy MIB -1.5%
  • Spain IBEX -2.0%

On the week:

  • German DAX -1.35%
  • French CAC -1.3%
  • UK FTSE -0.6%
  • Italy MIB -4.4%
  • Spain IBEX -3.0%

If you factor in the drop of the euro and sterling as well, that adds another percentage point to the losses. There was nothing to like from European markets this week as Italy and now Spain are embroiled in political turmoil. If there's any good news it's that those two countries are used to dealing with turmoil so there will be a bottom eventually. When? I will be watching for when stocks no longer fall on bad news. That will be a signal of a support.

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