European stock market close 11 February 2016
- FTSE -2.2%
- Cac -3.8%
- Dax -2.6%
- Ibex -6.1% (ouch)
- FTSE Mib -5.6%
European bonds
- Italy 1.71% +7bp
- Spain 1.78% +6bp
- Portugal 4.09% +38bp
- Germany 0.175% -7bp
- Greece 11.27% +34bp
A torrid time for stocks today, particularly in Spain
The worries over the banking sector are growing, despite the bozos in charge telling us it's all overblown. One thing that has struck me is that for all the talk and EU saviour acronyms, I'm not sure there are any backstops actually online should someone go pop.
That was highlighted further today by the BOE's Jon Cunliffe who said;
"Current EU bank resolution arrangements are not yet in a position to deal with a failure of a major cross border bank"
That's scary in this environment
