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European Stocks Plunge Most In 6 Months; Banks Battered
European bank stocks are down over 6% in the last 3 days to 5 month lows - the biggest such drop in 13 months. The combination of Draghi's "no QE", Austrian bank contagion concerns, and rumors of German banks about to be 'BNP'd by US regulators has removed all the exuberant recovery chatter (confirmed by economic data itself collapsing too). Remember all those oh-so-positive PMIs? European peripheral bond spreads surged around 10bps and individual stock markets plunged (Portugal -3% today, Italy -2.5%, Spain -1.8%)
European banks are in trouble (as we noted here)
The broad market is back at 6-week lows
And individual markets are tumbling - led by the periphery of course...
Charts: Bloomberg
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Spain and Portugal are just clearing out their accounts before ISIS shows up to take back what's theirs. Don't know what everybody else's deal is.
Pumping with cheap credit results in a big POP!
WTF Draghi doesn't have a plunge protection team
Long bubblegum and bailing wire.
take a look deutsche bank stock.
Everything that goes up, must come down. But the problem with this one is that it'll bring the whole world down with it.
Bullshit. Some tribes will do better than others. I think you meant to say "it'll bring the whole world's standard of living down" - there, fixed it for you.
hey yellen, where's your pomo???
earnings season just gets started and we tank - maybe it's not share buyback season after all.
Oh man! For a second I thought you said "Yellen where's your porno?" Almost tossed my breakfast over that visual. Yuck!!!
many european banks are WORTHLESS
Ha! most of these banks would be thrilled to be worth zero ...
Is this it? Is THIS what we've all been waiting for? The opening act for Global Death Cross!!!
DUDES!!!!!!
Way dude!
Feels like carnage: Euro banks, momos, and yet S&P not even down a measly 1%.
In the last 5 years US performance 19% CAGR, EAFE 12%. That's a big difference for compound rates. Valuation disparities between US and the rest of the world are huge.
Cleanest dirty shirt? No, it's the dirtiest of them all, it's soiling the rest of the laundry. But it sure pays to have your own printing press. For now.
What's even more amazing is that with the Mid East about to light up like roman candle, the price of oil is going down. From almost $108 to $103 in a couple of weeks. WTF?
This is the equivalent of the copy machine being down at the office. It will be fixed tomorrow....
No way the music continues playing until end of 2014.
Forgot Greece -4% as well... PIGS all went in the tank...
It'd the summer's heat. Everything will be fine in the fall.
Went to my local BNP Paribas agency only this morning to take out some cash for a transaction. Went over the six bank accounts I have with them (and this is my main bank). In all, I have 1.400 euros to my name on those six accounts put together.
Funny, only a couple of years ago I would have found such a low amount extremely troublesome. Now, I panick whenever I see too many digits appearing on those accounts. Crazy world indeed.
Take the money out of those accounts and by Gold.....
Might not be a good time to buy PM's right now. Ed Steer at Casey Research just had this to say, "I must admit that the COT Report yesterday was an eye-opener for me. We've gone from a wildly bullish COT setup, to an extremely bearish COT setup in less than four weeks. All of this on a measly $70 rally in gold---and a $2.25 rally in silver---that's all. JPMorgan et al have enough firepower to take back all of the recent gains, plus more, if they decide that this is what they wish to do. And unless physical trumps paper in the very near future, this is precisely what lies in our future at some point.
If you thought I was bearish recently against all the wildly bullish talk out there as counterpoint, I'm even more bearish now. The lunatic fringe can rage wildly bullish, but I'll pass."
At these prices (silver especially seeing how the Chinese want to build 70 some odd gigawatts of solar) it's always a good time to buy PM's. Of course if you're looking to buy at the exact bottom...good luck with that.
It's Tuesday, right?
Wake me when financial institutions start folding just over a weekend like back in the 2008 days. They were great times, all these cocksucking banks folding because of the shitty bets they made. Then, of course, the Fed tells Paulson we can't take this kinda hit. I can only hope that this time, the people will finally say NO to these criminal organizations.
Big banks are continuing criminal enterprises run by the fascist oligarchy. Old news...
Be independant...work towards it. Tune in, turn on and drop out. Still applies!
Communist oligarchy, not fascist oligarchy. Fascism is based on extreme nationalism, of which the oligarchs have none...
well if the euro banks are down 6% lets hope they go down 2-3% per month for the next 12/24 months and thus control their fall to where they should be.
Better that than rising like the false Phoenix only to fall 60% some time in the next two years like the maltese falcon shot down by the barbaresque turks at Preveza.
(The falcon did get his revenge at Lepanto, just like the euro will one day, when Pax Americana tweets the world : " our money our big problem.")
What part of "all fiat goes to zero" don't people understand?
some fiats looks more sexy than others; its a question of choosing between blondes and brunettes.
Can't reason with gut felt urges that makes a man feel naked without his greenback or euroback paper in his wallet.
Big brother Cb makes sure it stays that way.
GENERAL QUESTION:
Clearly most people here believe (and I do as well) that financial markets are now disconnected from economic realities. My question is: Do you think there was a period when financial markets WERE connected to economic reality? When was that?
When the energy available for consumption was still increasing. It has been for the last 100+ years, largely due to the engineers and technological development in the energy sector.
This is no longer the case.
At best, the markets work on broken clock theory. Right once on the way up, and once on the way down... I understand that is far from what I learned in school, but then just about everything I learned in school was bullshit...
'Economic reality' ended when the price of slaves reversed. Modern slaves are mostly 'energy slaves' - each of us employs more than 100 energy slaves. Salaries have increased, we have to dismiss more and more of them.
The evil empire is starting to crumble. Only a matter of time. Tick tock muddafukers.