Global Stocks, US Futures Rebound As Italian Bond Panic Eases; Euro Jumps

One day after an unprecedented, record crash in Italian 2Y bonds and a rout across the entire bond curve as well as Italian stocks, which proceeded to spill out and impact other European banks and " contage" the Euro amid a growing political crisis in Rome, Italian bonds rebounded in early European trading as the panic liquidation was put on hold for now, sending 2Y Italian yields as low as 1.

925% after hitting a 5 year high of 2.84% on Tuesday.