Euro PIIGS Starting To Squeal Again
Via Dana Lyons' Tumblr,
The stock markets of the so-called PIIGS are breaking down on an absolute and relative basis – not a positive development for global markets.
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DJ Euro Stoxx 50
Markets Around The World Are Crashing; Gold Soars
Yesterday morning, when musing on the day's key event namely Yellen's congressional testimony, we dismissed the most recent bout of European bank euphoria which we said "will be brief if not validated by concrete actions, because while central banks have the luxury of jawboning, commercial banks are actually burning through funds - rapidly at that - and don't have the luxury of hoping for the best while doing nothing." This morning DB has wiped out all of yesterday's gain.