Europe Collapses To 2nd Worst Week In 11 Months
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The EuroStoxx50 (Europe's Dow) is down 3.3% on the week - it's 2nd worst week in 11 months. Yesterday's dramatic EUR weakness against the USD extended today back below 1.32 (EURUSD's worst week in the last 8) but today that weakness spread into peripheral bonds and stocks as it would appear anxiety and risk-aversion is taking its toll. Interestingly German stocks were just as hard hit as Spanish and Italian stocks this week (down 3.25 to 4%) and while Spanish and Italian bond spreads jumped 16bps (2nd worst week in 5 months), Portuguese bonds were the hardest hit, widening 25bps on the week. Peripheral bond spreads are all hovering near critical resistance levels for the year. Europe's VIX saw its 2nd biggest spike in 21 months.
European stocks' 2nd worst week in 11 months...
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