European stocks plunged Monday and the euro tumbled, as investors piled into safe-haven assets amid rising fears over Europe’s sovereign debt crisis and economic growth on both sides of the Atlantic. The yield on the benchmark 10-year German government bond plunged to well below 2%, a new record, while Italian yields rose on fears the government’s commitment to austerity and reform is weakening.
Bank shares and peripheral debt are weighing on the major indexes. Political and economic issues also weighed in Italy, where the government has been coming under increasing pressure to step up approval of its austerity package, which some say is being watered down. Investors have become increasingly concerned about the finances of the country, one of the biggest economies in the 17-member euro zone. Italy’s FTSE MIB index sank 4.8% to 14333.91, with shares of Intesa Sanpaolo dropping 7%.
The DAX has broken through support. Look to buy a binary daily put as close to 5250 as possible. The floor on the trade is 5220.
Summary:
Asset : DAX
The trade : Binary Put Option
Expiry time : End of day
When : Look to buy a binary daily put as close to 5250 as possible. The floor on the trade is 5220.
The result : In the money
