Rather sharp moves
Spanish/German 10 year spread out to 421 bps from 410 first thing
French/German 10 year spread out to 140 bps from 129 first thing
Italian/German 10 year spread out to 390 from 376 first thing
Rumour of French downgrade doing the rounds.
EUR/USD quickly down through 1.3100, presently at 1.3080.