European Stocks are back at 2-month lows after falling for 7 straight days - the longest losing streak since early November last year.
This time there is no US election 'surprise' to rescue them!
Given the massive ECB buying program throughout Europe, it is the stock market that is leading the HY bond market lower (after the latter saw spreads crash to a record low 179bps at the start of November)...
US equity markets have rebounded aggressively off their opening plunge on the heels of a sudden magical bid...
Can you guess where from...
Now that Europe is closed - what happens next?
The Deutsche Bank story has evolved rapidly this morning: Bloomberg reports that Deutsche Bank had attracted a “new top investor” in the ongoing process of its endless restructuring, then Handelsblatt tweeted that Morgan Stanley acquired a 6.68% shareholding on behalf of activist investors.
The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today's critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines in Asia while bonds and gold advanced. The equity retreat, which spread to U.S. stock futures, started with last night's sharp puke in Chinese commodities.
According to a recent estimate published by the Federal Association for Assistance for the Homeless, the number of homeless people living on Germany’s streets has risen by 33% in a matter of just a couple of years, to 52,000. Meanwhile, as The Local notes, the number of Germans who can't afford their own home and have been forced to rely on the generosity of family and friends for a place to sleep every night has also risen a staggering 26%, to over 400,000 people.