European Markets Sliding (Fast)

Tyler Durden's picture

FX, bond, and stock markets in Europe are not happy. As the EURRUB sees it biggest drop this year (Ruble buying), it appears whatever confidence-inspiring Dijsselblom believed in last night has faded rapidly as Italian and Spanish stocks plunge to the lows of last week (after opening gap higher). Italian and Spanish bank stocks are on-and-off halted. EURUSD is getting hammered. Italian and Spanish bond spreads are blowing wider from gap tighter openings. This is not good... The reason appears to be:

  • Cyprus a Template For EU, Reuters Says, Cites Dijsselblom
  • *BANCO POPOLARE SHRS HALTED AFTER FALLING 4.84% IN MILAN  :BP IM
  • *TELECOM ITALIA SHRS HALTED AFTER FALLING 3.81% IN MILAN :TIT IM
  • *INTESA SHRS HALTED AFTER FALLING 5.72% IN MILAN  :ISP IM, BP IM
  • *MEDIOBANCA SHRS HALTED AFTER FALLING 3.95% IN MILAN      :MB IM
  • *MEDIASET, FINMECCANICA, UBI SHRS SUSPENDED IN MILAN LIMIT DOWN

 

 

 

 

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TeamDepends's picture

Rerehypthecation underway!

spastic_colon's picture

one could only "hope" that people are waking up.....since "hope" is the new bestest asset class

BaBaBouy's picture

Cyprus... Another BIG Euro Feckup.

How Many More Feckups Can This Place Take ?????????????????

icanhasbailout's picture

that number would be somewhere south of zero

Stock Tips Investment's picture

Showtime. Europe in trouble again and will generate market turbulence. If Uncle Ben was thinking get off the throttle, he will have to postpone that idea.

Cdad's picture

Hearing that DieselBoom [educated in agriculture] went long tulips last Friday, and sold ALL EUROPEAN FINANCIALS [including all billionaire deposits] against the position.  Since hardly anyone questioned him seriously last night at the presser, hearing that he is feeling pretty good about it.

In the US, financial services companies are currently submitting legislation to tear up shed floor boards across the entire country, while also advancing legislation to change the US currency from the dollar to shares of GE. 

We all live in a cosmic bunny hole....everyone...sing along....

machineh's picture

DieselBoom [educated in agriculture]

DieselBoom + fertilizer = ANFO

Fresh start, bItCHeZ!

Ensowatt's picture

"In the US, financial services companies are currently submitting legislation to tear up shed floor boards across the entire country"  what is this, Cdad?

 


Cdad's picture

It's a flamin' cosmic bunny hole gone super nova, buddy.  Advise strapping fire extinguishers to your pants and lololololing a lot about the pathetic state of affairs.  Oh...and prayer.

 

Panafrican Funktron Robot's picture

Pretty soon we'll see people auctioning Twinkies on Ebay.  That would be pretty fucking insane.

BeetleBailey's picture

indeed.....well stated ....

Stoploss's picture

Here comes the Bill Auction to save the day!!!

 

 

spastic_colon's picture

blanket european capital controls in 3....2....1  /s

maxmad's picture

I like the smell of fresh CARSH on a Monday morning!

redpill's picture

Just roll over you bitch! These grotesque necrotic bastardizations of what were once called markets need to die and decompose so something real can some day grow again.

fonzannoon's picture

Watch apple climb now that people are realizing it's balance sheet makes it safer than most banks.

css1971's picture

Cos Apple doesn't keep it's cash in a bank?

asteroids's picture

The music is stopping and the first player without a chair is Cyprus. Next round will be Greece. Now that people know the gave why the fuck would you have any asset being held by a bank under the thumb of the ECB? I suspect massive amounts of cash will start moving around real soon now.

Al Huxley's picture

They call them zombie markets and zombie banks for a reason...

new game's picture

one would think that this funny money would seek gold

fonzannoon's picture

HAHAHA Dutch Finance minister says that this wildy successful bail in will be institued elsewhere.

Is your bank safe?

If not, when you pull your money out, is the bank you are considering putting the money into safe?

This is quite the conundrum.

francis_sawyer's picture

Sure ~ because there's Russian mob money stashed all over the place... All you have to do is walk into Teddy KGB's place & pluck it out of his hands...

fonzannoon's picture

this is way beyond russian mob money now. 

akarc's picture

Yepper, it's into US Bank, excuse me, US taxpayer money

McMolotov's picture

Cyprus a Motherfuckin' Fascist Template For EU, Reuters Says, Cites Dijsselblom

prains's picture

Knuks calls it disintermediation bitchezz

 

the ZH blue collar crowd like me call it;

 

Dismemberment Bithchezz!!!

jover's picture

In the news here, they are saying that the stocks are happy.

 

PartysOver's picture

Rehypothicated turds floating down the Rhine

It is a bargin my friend's picture

Maybe because of this little pearl of wisdom?

Eurogroup’s Dijsselbloem: “Cyprus bank restructuring she be seen as template for rest of eurozone.”

and this one

RTRS: Eurogroup's Dijsselbloem says uninsured depositors can be bailed-in if needed

 

 

magpie's picture

"I am done with your stash tovarish, next i turn to you paysanos"

css1971's picture

Really? They said that? Out loud? Was there a maniacal laugh associated with the comment?

Dave Thomas's picture

No it was more of like an, "Oh shit, was this mic on?"

e m m's picture

"Cyprus bank restructuring she be seen as template for rest of eurozone"

Cyprus is a one-off template now?

 

There's a paper on bail-in from the Swiss regulator:

http://www.finma.ch/e/finma/publikationen/Documents/be-swiss-SIFI-policy...

 

OK, maybe tearing it out of context but good for a comment here, page 14:

"For all that, Switzerland has decided to include a bail-in mechanism in its Swiss SIFI framework in 

compliance with the international initiatives (e.g. FSB), but to stay, at the moment, with its definitions of 

the triggers and point of non-viability. This decision may be reassessed in face of a possible 

international consensus and the future availability of a cross-border resolution framework."

 

 

Byte Me's picture

FUCK YOU SCHAEUBLE!

TN Jed's picture

Comrades, to the bunker!

HelluvaEngineer's picture

Not good?  I'd say that depends on your perspective.

Dr. Engali's picture

Maybe Corzining Russian mobsters wasn't such a good idea after all.

Cursive's picture

@Dr. Engali

Not something I would try.  All of these rips are just opportunities for the bankers to sell their inventory of crap financial paper.

Dr. Engali's picture

I would say that if you aren't out of the system by now you better get the hell out fast. The Bernank's printing is about to be overwhelmed IMHO.

dobermangang's picture

I bet it won't be long before we start reading about the mysterious rash of suicides of EU bureaucrats and bankers in the DailyMail.  We live in interesting times.

Dr. Engali's picture

Let's just hope it's contained to that and it doesn't explode into something larger.

dobermangang's picture

Well, Kyle Bass predicts war in Asia.  I think Faber and Rogers thinks we'll have a war too.  The financial crisis is not gonna end nicely.  Like Celente says, you better have your 3 G strategy in place:  Gold, guns and a getaway plan when the SHTF.

Going Loco's picture

My Getaway plan was to getaway to Cyprus (nice little island, warm and sunny, friendly people, protected by the British Army....)

franzpick's picture

I'm coining the new term:  EU brass, bankers and their pols are in danger of being "mortalized".

css1971's picture

ZH, I have a problem with the site, I can only mark the parent comment up by one. Could you add a +10 feature please?

gball's picture

Can't be good?

 

It's good if you have a bowl of popcorn?

Jim B's picture

They have seen the future! Confiscation is an option! 

Al Huxley's picture

Gee, why the fuck would stealing depositors' money cause a crisis of confidence?