The market is falling behind the economy. Now the streets are starting to show it. Europe failed at the 200 dma. Global crash is now IN PROGRESS.

European banks fall 3.5% as bond yields surge

The STOXX Europe Banks index fell 3.5%, with Société Générale, Deutsche Bank, UniCredit and Intesa Sanpaolo all losing more than 4%. Rising sovereign yields are creating losses on bond holdings while investors are also watching banks’ exposure to housing and the broader European debt market.

France’s stock market falls 1.2% as protests expose the budget crisis

France’s stock index fell 1.2% Wednesday amid the country’s protests and budget problems. The same day, the Russell 2000 fell 1.3%, considerably more than the S&P 500’s 0.2% decline.

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