Overnight weakness in Asia spilled into Europe and the bloodbath is continuing - especially in the peripheral markets which have until now been invincible in the face of deteriorating fundamentals. Just like US hyper-growth hope, Portugal, Spain, and Italy stock markets have soared this year - among the world's best performers - but are getting monkey-hammered in the last 2 days (down over 5%). Despite more chatter of ECB QE, peripheral bond spreads are also jumping higher (+7bps) as German Bund yields are slumping back below 1.5% - the lowest in 10 months. US futures are ugly too.
European exuberance is fading fast...
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and even the unstoppable idiocy of peripheral bond spreads are being bashed wider...
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Bunds are ripping loweer in yield...
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US Stock futures are not happy either extending yesterday's losses (as Nasdaq hits it 150DMA)
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