Italy's quarterly economic growth falls flat for the first time since Q4 2014

It doesn't take much to turn risk trades around and we're seeing European equities start to crumble on the day already. And data from Italy's growth in Q3 certainly won't help with that as growth stalls completely for the first time in almost four years.

With that, Italian bonds have gave back their earlier gains and 10-year yields are now up by 4 bps on the day currently.

That has dragged the FTSE MIB to flat levels on the day now and will also start to weigh on equities across the region even further. So much for the optimism seen in Europe. The only good news for risk right now is that E-minis are still holding up trading 0.4% higher, but this feels like it's only a matter of time before things turn sour again.