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*EuroStoxx (Europe's Dow) closed today -1% for 2013*. France, Germany, and Spain are all lower on the year now. Italy, following ENI's CEO fraud, collapsed almost 3% from the US day-session open, leaving it up less than 1% for the year. Just as we argued, credit markets have been warning that all is not well and today's afternoon free-fall begins the catch-down. European sovereign bonds are no better with Belgian spreads the worst +13bps on the year. *Italian bond yields are the highest in seven weeks *(with spreads back above 300bps again today) as both Italy and Spain approach unchanged for the year. Europe's VIX closed at its highest in almost 3 months (aside from the 12/28 spike) as Swiss 2Y rates edge ever closer to negative once again (and 3-month EUR-USD basis swaps dropped the most in seven months). *EURUSD broke back below 1.3400*, its lowest in 10 days. Cue 'Cleanest Dirty Shirt' talk from US managers in 3...2...1...
EURUSD at 10-day lows...
European stocks broadly negative YTD...
with Italy collapsing almost 9% in the last week...
and European Sovereigns now at the year's worst levels...
as Europe's VIX blows to 3 month highs...
and remember basis-swaps? Well, they are back, having plunged the most in seven months in the last week following LTRO repayment...
Charts: Bloomberg Reported by Zero Hedge 20 hours ago.
Clik here to view.
*EuroStoxx (Europe's Dow) closed today -1% for 2013*. France, Germany, and Spain are all lower on the year now. Italy, following ENI's CEO fraud, collapsed almost 3% from the US day-session open, leaving it up less than 1% for the year. Just as we argued, credit markets have been warning that all is not well and today's afternoon free-fall begins the catch-down. European sovereign bonds are no better with Belgian spreads the worst +13bps on the year. *Italian bond yields are the highest in seven weeks *(with spreads back above 300bps again today) as both Italy and Spain approach unchanged for the year. Europe's VIX closed at its highest in almost 3 months (aside from the 12/28 spike) as Swiss 2Y rates edge ever closer to negative once again (and 3-month EUR-USD basis swaps dropped the most in seven months). *EURUSD broke back below 1.3400*, its lowest in 10 days. Cue 'Cleanest Dirty Shirt' talk from US managers in 3...2...1...EURUSD at 10-day lows...
European stocks broadly negative YTD...
with Italy collapsing almost 9% in the last week...
and European Sovereigns now at the year's worst levels...
as Europe's VIX blows to 3 month highs...
and remember basis-swaps? Well, they are back, having plunged the most in seven months in the last week following LTRO repayment...
Charts: Bloomberg Reported by Zero Hedge 20 hours ago.
