When two black swans collide and third is en route. Folks, it is just warm-up lap. $2.5 Trillion wiped out as world stocks crash most since 2008. Bank of America, Citigroup, Deutsche Bank, Commerzbank down 14 percent, British Petroleum crashed 20 percent, Boeing down 11 percent, General Motors down 13 percent.
S&P futures triggered a “level one circuit breaker” after falling 7%, which means trading will be halted for 15 mins.
Some deluded quant investors finally realized, that many sectors are vulnerable to near future events.
European stocks are now down over 22.5% – a bear market – from highs just 3 weeks ago.
European banks crashed to their lowest since March 2009… but judging by their directors’ ignorance, there’s more to come. In other words – bank’s directors don’t believe there is some paradigm shift on horizon in industries.
10 Y Bund yield: -0,849 % speaks for itself.
Banks With Most Energy Exposure: