Broad European stocks plunged into the red for 2014 today as a rattled Mario Draghi disappointed a hungry-for-more risk market. Bloomberg’s BE500 index dropped its most since June 2013 to 2-month lows led by weakness in Italian banks. UK stocks underperformed (-3.6%) but Spain, Italy, and Portugal all tumbled 2-3%. The selling pressure interestingly stayed in stocks as bond spreads rose only modestly and EURUSD roundtripped to only a small rise from pre-ECB. Notably, US equities are cratering as they are so used to the pre-EU-close pump that did not happen.
European Stocks are back in the red year-to-date with the biggest drop in 16 months…
Broad-based decline…
and used to its daily EU close ramp, US stopcks are dumping…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1rNcr0O Tyler Durden