European Stocks Collapse Most In 7 Months; Spain’s Worst Week Since Sept 2012
by Tyler Durden
Think it’s bad in the US (which it is), the high-beta momo-chasers are running for the hills from Europe’s best-performers. European stocks are down 3.4% this week broadly – the worst week since June 2013 and 2nd worst week since May 2012. Spain and Greece are the worst on the week (-5.8% and 6.7% respectively) with Spain’s drop the largest since September 2012. Bonds were not unscathed as Italy’s sovereign bond spreads have jumped in the last 2 days by the most in 4 months and are now wider on the year. Europe’s VIX has exploded 30% higher in the last 3 days (the biggest jump in 10 months) to its highest since October.