With Russia's MICEX down another 2% today back at May 2010 lows (and Russian govt bond yields up to 9.41%), it appears investors are anything but confident that the worst is behind us in Ukraine. Russian stocks are -18% in the last 3 weeks. Perhaps the biggest tell is the German stock market which is now the worst-performing European stock market this year and back to lows seen in mid-December. Even the glorious safety of Portuguese stocks is fading in the last few days. Europe's VIX broke 22% - its highest in 5 weeks; and Europe's high-yield credit markets (which are rumored to be heavily biased long) are squeezing wider playing catch-up to stocks. Peripheral sovereigns don't give a crap in their manipulated illiquid way but Bund yields have sluped to 1.54% (lowest since July) - its tightest to US TSYs since 2006!
Russia in freefall...
[8]
Germany hits 3-month lows - underperforming Europe (as even the safety of Portuguese stocks is ebbing)
[9]
And EU HY Credit is crashing back to stocks...
[10]
Europe is totally disconnected from US stocks (for now)...
[11]
And Bunds are the richest to Treasuries in 8 years...
[12]
Charts: Bloomberg