Posts
European
Markets Plunge Most In 20 Months
20
June, 2013
Europe
plays catch down to credit and the Bernanke/China double whammy. The
broad Bloomberg Europe 500 equity index tumbled over 3% today - its
worst day since November 2011 and fell below its 200DMA for the first
time in 11 months. Europe's
Dow (EuroStoxx 50) fell a stunning 3.7% - its worst since October 11
- smashing thorugh its 200DMA and notably red year-to-date.
Sovereigns widened dramatically with Italy and Spain spreads +20bps
or so. The EUR is having its worst 2-day run against the USD in 3
months. Europe's VIX closes at its highest in 4 months. Europe's
high-yield credit market saw its worst day in 19 months and
is back notably above its 200DMA. Not pretty overall.
Worst
day broadly in 20 months for EU stocks...
as
European bonds and stocks by nation have been battered...
Europe's
credit market is getting hammered too - with XOver (high yield) back
above its 200DMA and its biggest (ex-roll) move since Nov 2011.
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