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German Stocks Give Up Week's Gains As Bund Yields Plunge To Record Lows

Tyler Durden's picture




 

News of the Ukrainian destruction of part of a Russian military convoy sent European stocks (and bond yields) plunging.  German DAX futures lost all the gains from the US close last Friday as 2Y bonds closed at -1bps and 10Y bunds at a record low 96bps. European equity indices all lost significant ground on the news today but generally held on to some gains on the week. Peripheral bond spreads pressed wider today but ended the week lower (Spain -5bps, Portugal -25bps). High yield spreads jumped over 20bps on the news. Europe's VIX soared over 20 today (from 16 earlier).

German stocks were hit hard, but the periphery higher beta indices like Portugal slammed lower...

 

EU High yields plunged along with stocks...

 

Chart: Bloomberg

 

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Fri, 08/15/2014 - 11:51 | 5097946 Headbanger
Headbanger's picture

Gonna be a cold winter in Germany this year!

I bet the price of coal is going a lot higher there now.

Fri, 08/15/2014 - 11:53 | 5097966 Terminus C
Terminus C's picture

Euro's announce no more sanctions because they hurt the economy... stock market plumments.

I am sure all the Eruopean "traders" sold off... becasue good news is bad.

Fri, 08/15/2014 - 12:05 | 5097978 Dr. Engali
Dr. Engali's picture

That DAX chart is a good example of why when the time comes to get out of the US market nobody will escape. Thousands of points will vaporize in a flash.

Fri, 08/15/2014 - 12:00 | 5098018 localizer
localizer's picture

Some folks are laughing at Obummer playing checkers yet it needs to be noted that they are largely in a win-win situation here... the sooner Europe realizes this the better. The US ignited Ukraine and Europeans will bear the costs (of course along Ukrainians and Russians). The neocon fuckers set Ukraine on fire and are now screaming to "de-escalate"! Just brilliant... I just hope Europe wakes up and stops this madness!

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