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European Stocks Plunge, Led By Germany (And Banks)
Perhaps surprisingly, Germany's DAX index was the weakest in Europe today as the Russia-Ukraine debacle escalates, underperforming high-beta "safe-havens" like Spain and Italy (which also fell rather notably). Despite the 2.5% to 3% declines across all major European equity markets, sovereign bond spreads barely budged! Seriously, Italian and Spanish bond spread rose a mere 5bps on the day. European banks collapsed 3.6%, its biggest drop in 6 months. EURCHF continues to collapse, now at 14 month lows (-200 pips today) as 2Y Swiss rates close at -11.4bps (the lows of 2014).
Germany was the worst of the major European indices...
...led by a collapse in banks...
Charts: Bloomberg
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Well, with limited Nat Gas rehypothication. Killed that revenue stream.
"Perhaps surprisingly, Germany's DAX index was the weakest in Europe today "
Not surprising when you consider the amount of trade Germany does with Russia. Plus there is a little bit of history between the two countries.
There are now quite big tensions within the EU & NATO. Ukraine was a seismic event for Poland, Romania, Hungary, Baltics... Merkel is dragging down NATO efforts to contain the bear, just like during the Georgian war in 2008, and this does not sit well with the aforementioned countries. Also, the fact that the French sold two cutting edge Mistral class landing ships to Russia a few years back (despite objections) looks quite funny now.
Defend the barricade at any cost !!!
Reinforcement are on the way !!
This is Europa !!
Buttcoin up about $50 bucks.
I expect another ZH bitcoin article in 3... 2... 1...
Merkel has been spied upon by the NSA since at least 2002. She is compromised and firmly in the US camp. She got the US Presidential Medal of Freedom from Obama in 2011, along with consummate insider, Warren Buffet.
Snivelling rat ship bumping into the putin iceberg.
<- Germany starts to re-arm.
<- Germany relies on American military tripwire.
<-- Germany looks after Germany: high-wire act between East/West
<-- Germany does what the US tells them to do.
Good reason for Russia to sell US Dollar. Russia is selling US Dollar to prop up Ruble, no?
Hell yeah, any excuse to dump Dollars!