Italy Got Crushed

The European stock markets have closed down for the day.

But Italy got destroyed, with its FTSE MIB index sinking 3.4%.

Earlier this morning, energy company Saipem slashed its profit forecast sending the stock down nearly 40 percent. Other energy companies are following Saipem sharply lower. The broad market may be down on concerns that profit misses will be more widespread.

Here's the intraday chart of the FTSE MIB from Bloomberg: