European Stocks Slide, Close At Lows On Austrian Bank Concerns
It appears concerns over Erste Bank are reducing investor risk appetites in Europe despite Draghi's promise to catch every falling knife forever... EuroStoxx Banks closed down over 2% - their biggest drop in 7 weeks. This led to broad weaknes across European stocks (down 0.5% and closing at their lows led by Spain and Italy; and late weakness in Sweden's OMX). Peripheral bond spreads nudged wider. Perhaps most notably the European financial credit spreads widened modestly but remain dramatically disconnected to financial stocks.
European Bank stocks trumbled...
and credit markets remain entirely dominated by Draghi carry technicals... for now...
And heading into the close, broad European stocks were accelerating lower
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