Europe

BTFD? Deutsche Bank stock crashed over 11% today (the most since July 2009) to its lowest since January 2009 record lows. We have detailed at length why this is a major systemic problem and we wonder how anyone can view this chart and not question their full faith in central planners engineering of the 'recovery'. Nothing is fixed and it's starting to become very obvious!

Does this look like a buying opportunity? At EUR13.465 today, DB is within pennies of the all-time record lows of EUR13.385...

For years, the so-called experts laughed at SocGen's Albert Edwards who not only steadfastly claimed that his "Ice Age" thesis is in play with central bank intervention only kicking the can - something that no longer works as Deutsche Bank so poignantly explained when it begged over the weekend for no more "easing" - but that once the realization and revulsion to artificially inflated markets hits, the "S&P will fall 75%" as he predicted in mid-January and we duly noted.

The British media is perceived to be the most right-wing in Europe, framing immigration in a particularly negative light, according to a new poll. The survey, conducted by YouGov, examined the views of people from Britain, France, Germany, Sweden, Norway, Denmark and Finland where British respondents noted a right wing bias in the UK press. RT reports: Published on Monday, the poll asked participants whether they think their state’s media coverage of five key issues is too right-wing, left-wing or balanced. Policy areas examined were immigration, health, economics, housing and crime.

And you thought Greece was "fixed"...

The last 3 days have seen Greek bank stocks cut in half...

Which has slammed Greek stocks to their lowest since December 1989...breaking below Draghi's "Whatever it takes" lows...

And Greek bond yields are back above 10% - the highest since last year's crisis...

With China celebrating the Lunar New Year and offline until next weekend, and with the US in the usual post-payrolls macro newsflow lull, the markets will have more than enough time to stew in the latest source of contagion fears, namely Europe, the same Europe which until recently was fixed but is broken all over again. The highlight of the week will be Janet Yellen's semi-annual testimony to Congress where she is expected to confirm she is trapped: either push the market even lower by sounding hawkish, or admit the US is on the verge of a recession and admit policy error.