Previous gains were all wiped out yesterday. The FTSE 100 gave up 123 points to 5,445 after Italian 10-year bond yields jumped to 7.5%. Rates have been falling sharply overnight worldwide. Today, we'll get the Bank of England's latest rate verdict - it's expected to hold rates - but even that is now a sideshow. The focus is on Europe. The C-word has now arrived: contagion.