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

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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