The meek and somnolent shall inherit nothing, because Europe just came back online and the apocalypse has resumed. Italian, Spanish and Belgian bonds opened lower, driving yields on the securities relative to German bunds to the most since before the euro was introduced in 1999. Specifically, the yield on 10-year Italian bonds jumped 19 basis points to 6.38% as of 7:40 a.m. in London after reaching 6.40%, the highest since 1997. The spread over bunds was as wide as 414 basis points. The yield on two-year Italian notes jumped to more than 5 percent. Additionally, the FTSE was down 2.7% as of first prints, the CAC 40 ... (full story)