European Bond Yield Summary 4/10/12

10-Year Yields:
Greece 22.15%
Portugal 12.25%
Hungary 9.03%
Spain 5.86%
Italy 5.52%
Belgium 3.46%
France 3.00%
Netherlands 2.33%
U.K. 2.10%
U.S. 2.06%
Germany 1.71%

Europe is back from the Easter vacation. The drop in Germany's yield is dramatic ready to collapse thru the 1.70% level as money seeks safety running from Greece, Portugal, Hungary, Spain and Italy. Greece is now over 22% and continues higher day after day. All the yields above are higher for the eight countries listed first, and lower for the perceived safer haven countries U.K., U.S. and Germany.

The notable jump in yields is with Spain and Italy, Spain now within 14 basis points of the 6% level and Italy over 5.5% now. Chairman Bernanke stated last night that the recovery is 'far from over'.

Note Added 4/10/12 at 7:09 AM EST:  Spain is losing control, the 10-year yield is now blowing out above 5.92%, less than 8 bips away from 6%, and moving six basis points higher in the last couple hours. This behavior should manifest as a market negative for equities today.

Note Added 4/10/12 at 7:33 AM EST:  Portugal is now at 12.33%, Spain at 5.94% and Italy at 5.61%; there is trouble in paradise.