– “It’s a F##king Bloodbath” – European Banking Stocks Collapse As UK Default Risk Spikes:
Traders are frantic this morning as George Osborne’s calming words have done nothing to halt the carnage. From Italian banks crashing over 25% to British banks being halted, trading at record lows, to Deutsche Bank extending its Lehman-esque trend, as one veteran stock market trader in London said, “it’s a f##king bloodbath, not even Draghi can save this one.” The contagion is spreading however as UK default risk has spiked to 3 year highs and USD liquidty needs are surging with funding markets seeing serious distress.
It’s everywhere…European Bank Stocks are down 23% in the last 2 days…
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