European equities gained 5-7% yesterday in a snap-back rally.
Unfortunately, that rally today gave way to a new round of selling.
- German DAX -3.0%
- UK FTSE-1.5%
- French CAC -3.0%
- Italy MIB -4.1%
- Spain IBEX -1.3%
The ECB didn't help the situation with a hawkish shift (despite Lagarde's insistence there was no change) but there's a broad negative tone in markets with US equities now at the lows of the day.
