Headlines Out of Europe Pushing US Stocks Lower

US stocks have just opened about 0.8 percent lower as traders are demonstrating the Euro crisis will likely continue to dominate markets until some kind of resolution is reached. The Dow Jones is currently down 107 points, the Nasdaq is down 16, and the S&P 500 is down almost 10.

While news in the US is not sparse (traders are tracking results from Dell (Nasdaq: DELL), A&F (NYSE: ANF) and Target (NYSE: TGT), data on CPI and industrial production, and crude oil which is now over $100 per barrel), developments out of the UK and Italy are turning heads Wednesday morning.

Former EU Commissioner Mario Monti confirmed earlier speculation he would lead the new Italian government, also nominating himself as Finance Minister of the nation.

Also in Italy, reports suggest UniCredit SpA CEO Federico Ghizzoni is expected to ask the ECB to use broader collateral for borrowing.

The Bank of England's Governor Mervyn King issued a stark warning earlier, saying the UK could see a "markedly weaker" economy moving forward as the Euro crisis is seemingly spinning further out of control. The official believes the economy within the EU may see "significant adverse effects" if debt issues are not soon resolved.

The euro is currently down about 1 percent versus the US dollar.

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