European stocks (Euro Stoxx 600) are down 8.45% from their April highs, down 6.15% in the last 9 days and are down 6 days in a row for the first time since December... In other words, either a) Q€ is not working as Draghi et al. say it is; b) Grexit contagion risks are anything but contained; or c) The European economy is not recovering as per the talking heads and investors are being slapped into that realization.
[4]
Q€ gains gone.
And don't try and claim that Bund yields are surging because investors think the recovery is here (or inflation is picking up).
[5]
Charts: bloomberg
