European 10-Year Yields -- Spain Hits Record -- 11-17-11

France 10-year yield at 3.74%.  Spain 10-year at 6.57% (crossed 6% only a couple days ago), a new record high compared to June 1997.  Italy 10-year above 7% at 7.04%.  These buoyant moves are ahead of the France and Spain bond auctions today. The European banks stocks are weak this morning.

Current 10-year yield prints; France 3.75%; Spain 6.60%; Italy 7.05%.

Note Added 11/17/11 at 3:55 AM EST: France 3.78%; Spain 6.60%; Italy 7.04%.

Note Added 11/17/11 at 4:03 AM EST: The spread between France and German 10-year yields now exceeds 2% increasing contagion worries across Europe.

Note Added 11/17/11 at 4:26 AM EST: Spain now at 6.68%; this is an 11 basis point jump in the last half hour.  High drama.  Bond auctions are on tap.

Note Added 11/17/11 at 4:31 AM EST: Spain 6.69%; Italy 7.07%.

Note Added 11/17/11 at 5:15 AM EST: Bond auctions occur fueling further contagion worries in Europe.  Spain 6.768%. European stock indexes trail lower. U.S. futures dip into the red.

Note Added 11/17/11 at 5:31 AM EST:  France 3.82%; Spain 6.75%.

Note Added 11/17/11 at 5:53 AM:  France 3.79%; Spain 6.75%; Italy 7.05%. Note that over the last couple hours, France 10-year's have moved up 5 basis points, Spain up 18 basis points and Italy up only one basis point.  This clearly shows how the contagion fears have spread to France and Spain.  Spain moving above 7% will increase the tension far more. European stocks continue to trail lower.