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European Stocks Plunge Most In Six Months

Tyler Durden's picture


Europe's 'Dow', the EuroStoxx 50, has suffered the biggest 4-day rout in 10 months as the broad Bloomberg 500 index plunged by the most in five months today amid terrible consumer, car registration, and economic collapse on the continent. DAX is at 4-month slows. Despite the bloodbath in European stocks, the ever-efficient European bond market (free to trade and totally un-manipulated) is now around unchanged on the week (while stocks are down 3-4%). European financials are leading the drop but it is broad-based. EURUSD also rolled back over nearing its biggest drop in 9 months. Swiss 2Y at 3 month lows. Bunds bid. European VIX surged to 5 week highs over 23%.


Worst 4-day run in 10 months in stocks...



but Sovereigns don't care


Charts: Bloomberg


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Wed, 04/17/2013 - 11:51 | Link to Comment Terminus C
Terminus C's picture

Wake me when the S&P is 666.

Wed, 04/17/2013 - 12:00 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture



Steaks are on me. 

CAC 40 X7 Short GR

QS0011223540 CAC7S


Up 28+% over five days.

Wed, 04/17/2013 - 12:02 | Link to Comment toys for tits
toys for tits's picture


I am surprised that down European stocks is not green for the dow, however.

Wed, 04/17/2013 - 12:10 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Nice HH.  Off topic, but anybody know how the folks over at the Sprott silver and gold trust are holding out?  Suicide nets around their offices yet? 

Wed, 04/17/2013 - 12:18 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture



Suicide nets around their offices yet?

Why?  I doubt they have had many redemptions, maybe even brought in some new money.

The point is to buy low and sell high, not vice versa.

Wed, 04/17/2013 - 12:33 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Indeed, so long as the metal is actually there.  If you see one rat, there are a million more you don't see.  More a question of reliability.  the funds haven't been around that long.

Wed, 04/17/2013 - 12:20 | Link to Comment tip e. canoe
tip e. canoe's picture

999 is the new 666

(adjusted for helicopter drops)

Wed, 04/17/2013 - 11:53 | Link to Comment jubber
jubber's picture

10 Y Italy 4.17%

10y Spain 4.63%



Wed, 04/17/2013 - 11:54 | Link to Comment stinkhammer
stinkhammer's picture

bring me a shrubbery!

Wed, 04/17/2013 - 11:55 | Link to Comment DavidC
DavidC's picture

"EUR Tumbles On Weidmann Comment Of Possible Rate Cut"

He'll be out of a job shortly...

Wed, 04/17/2013 - 11:59 | Link to Comment Super Broccoli
Super Broccoli's picture

it's obvious, everyone is jumping off the market to buy super-uber-EU-bonds since we're recovering and europe is now out of trouble !



Wed, 04/17/2013 - 12:04 | Link to Comment creeko
creeko's picture

thank god for safe havens....

Wed, 04/17/2013 - 11:59 | Link to Comment sudzee
sudzee's picture

WTF, no selloff of gold to cover margin calls?

Wed, 04/17/2013 - 12:02 | Link to Comment swissaustrian
swissaustrian's picture

There are no more leveraged longs with small pockets, only shorts to cover and Goldman sitting on tons of longs which they bought from their muppets.

Wed, 04/17/2013 - 12:57 | Link to Comment akarc
akarc's picture

WTF, no selloff of gold to cover margin calls?

Sellng stocks instead

Wed, 04/17/2013 - 13:03 | Link to Comment akarc
akarc's picture

"Natty, gold, and silver are pulling a ménage à trois.  Wonder how oil is feeling about that."

Heres how I feel about it, DTO up 3.97%


Wed, 04/17/2013 - 12:06 | Link to Comment Ban KKiller
Ban KKiller's picture

"And...its gone". Yeah, it is still funny to me. 

How can you invest in European Financial "Stocks" when you know the books of the banks are totally COOKED? 

Wed, 04/17/2013 - 12:49 | Link to Comment Debugas
Debugas's picture

you invest there by force (your pension fund)

Wed, 04/17/2013 - 14:29 | Link to Comment Overflow-admin
Overflow-admin's picture


Wed, 04/17/2013 - 12:08 | Link to Comment eddiebe
eddiebe's picture

Feels like we are teetering on the edge.

Wed, 04/17/2013 - 12:26 | Link to Comment Doubleguns
Doubleguns's picture

I figured we are being dangled over the edge by a rope of fiat money. 

Wed, 04/17/2013 - 12:10 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Just clearing out the speculators.

Wed, 04/17/2013 - 12:18 | Link to Comment pnfteixeira
pnfteixeira's picture

Next week everything get to "normal" again... stocks go up to a last run, Target SP500??? Maybe 1.700 points 

Wed, 04/17/2013 - 12:30 | Link to Comment Temporalist
Temporalist's picture

Everything is fine.  Don't listen to cranky old men like David Stockman.


UK unemployment rises to 2.56 million

"UK unemployment rose by 70,000 to 2.56 million between December and February, the Office for National Statistics (ONS) has said.

It pushed the unemployment rate to 7.9%, raising further questions about the UK's economic strength."


And speaking of Stockman here is a piece from Forbes about the battle between Stockman and Krugman (My Favorite Keynesian)

Paul Krugman v. David Stockman: The Great Debate Over Gold Continues


Wed, 04/17/2013 - 12:41 | Link to Comment Floodmaster
Floodmaster's picture

UK = Public sector ?workers? + pensioners.

Wed, 04/17/2013 - 12:31 | Link to Comment Floodmaster
Floodmaster's picture

EUR/USD parity is in sight, CAD at 1.30

Wed, 04/17/2013 - 12:47 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture


The ultimate real physical product of private debt creation – the car
Is in trouble in its homeland.

The German car market is now down and out with the rest of us (except the UK of course)

Of the large car markets in March its the worst hit at -17.1 % and -12.9 % January to March.
Already thats a decline of 100,000 vehicles from the same period last year.

Also of the medium to small markets the former strongmen of the North in Finland & Holland seem to be the worst hit.
March reg
Finland : – 58.6 %
Holland : – 31.4%

The sacrifice of Cyprus is not enough to bail these little monsters out with Cypriot car reg down – 58.9% in March with just 405 cars…………
More cars were sold in Iceland….


So in April expect zero cars reg in Cyprus................400 ~ less vehicles on the road burning capital

But how will that help the German car market which is down 100, 000 vehicles already this year ?


Wed, 04/17/2013 - 12:32 | Link to Comment helping_friendl...
helping_friendly_book's picture

Wake me up when the molitov are flying!

Wed, 04/17/2013 - 12:35 | Link to Comment rp1
rp1's picture

Understand WHY :   

There is a very bright future!

Wed, 04/17/2013 - 12:37 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

The EU is clearly a Anglo creation as it lacks that big or small physiocratic  thingy.

First you create demand in a lower capital (but higher labour ) input industry.


Look above - this is what happened to Grau de Roi in 2011 when the train from Nimes was subsidized (at 1 euro a ticket) ……. ok there was a huge amount of friction between local shopkeepers and some street urchins …….also perhaps young people having a good time at the beech in a now old society was a bit of a shock to some I imagine.
But things seem to have settled down since then.

Wed, 04/17/2013 - 12:39 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Step 2

Rebuilding sections of the line today because of the new demand signal.

Wed, 04/17/2013 - 12:41 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Step 3

If experiment is a success - repeat.


Other isolated rural towns with stations almost ready for closure getting in on the act.

Ok Ok ok – you may say France is just spending the surplus capital flight from now destroyed Greece , Spain & Italy but the capital needed for these projects is tiny when compared to their bigger projects.
It requires mainly labour inputs.

However they need to spend capital on relaying the rails which are probably 50 ~ years old but not much in the great scheme of things.

Why did economists not see that this was a huge stock and flow crisis back in 2007 ?
I don’t believe these people could be that stupid – its simply impossible.
They simply destroyed real physical and human capital to retain claims on now totally destroyed economies.
Pointless in the long run unless you like to see human destruction.

Wed, 04/17/2013 - 12:51 | Link to Comment orangegeek
orangegeek's picture

And the Euro is tanking too.  Euro was making moves up for a few days - resumed down turn.


Euro below 1.20 pending - and rocketing US Dollar resuming.

Wed, 04/17/2013 - 13:07 | Link to Comment Iam Yue2
Iam Yue2's picture

The recovery is firmly in place :-)

Or; time for another Commerzbank call on Germany just about to turn the corner.

Wed, 04/17/2013 - 13:09 | Link to Comment JohnGaltsChild
JohnGaltsChild's picture

Happy Days Are Here Again!

Wed, 04/17/2013 - 14:19 | Link to Comment saycheeeese
saycheeeese's picture

time to buy?

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