European morning wrap: Risk appetite has left the building

Greek Syriza requests president meeting with all parties. Requests meeting to exclude Golden Dawn - Bloomberg Leader of moderate Greek left party Kouvelis reiterates will not take part in a coalition govt without Syriza party German FinMin: Greece is in dreadfully difficult situation Spanish CDS rise to record high of 540 bps Spanish/German 10 year govt bond yield spread out to record 484 bps from 449 bps first thing Euro zone March industrial production -0.3% m/m, -2.2% y/y, demonstrably weaker than Reuter's median forecasts +0.4%, -1.2% respectively ECB's Noyer: Greece won't be a problem for French banks The final death thoes of the euro - Roger Bootle in The Telegraph Risk?, we don't want no stinkin risk.  Euro zone worries to the fore, led by Greece with Spain not far behind.  Worries about the Chinese economy also growing. European stocks have cratered this morning, eurostoxx 50 off circa -2.5%.  Gold off $17 bucks from the $1580 which greeted me, presently at $1563.  NYM light crude off circa one and a half bucks at $94.12, benchmark 10 year US treasury yield off at 1.7860% from 1.8238%.  Mr market is not a happy chappy :( Foreign exchange markets haven't exactly been on fire, despite the strong risk aversion seen in other markets. EUR/USD down marginally at 1.2870 from early 1.2890, having been as low as 1.2861.  US investment house notable seller early.  Barrier option interest now down at 1.2850 (talk of 1.2850-1.3500 dnt maturing May 18th) USD/JPY effectively unchanged at 80.05.  Holding up quite well given the general risk aversion and lower US treasury yields.  AUD/USD down at .9970 from early 1.0015, having been as low as .9964.  Talk of .9950 barrier option interest. Cable effectively unchanged at 1.6065.