European bank stocks experienced their worst one-week decline since December, and it only took 4 days.
- Italy’s Unicredit -11.9% on the week
- Banca Poplare di Milano -15.5%
- Banco Santander -6.2%
- BBVA -6.1%
Spain’s main IBEX 35 index touched the lowest in 7 months today and is perilously close to its post-credit-crisis low:
It’s not clear if rising sovereign yields cause bank stocks to fall or vice versa. Either way, it’s a reason to sell euros.
