Traders are frantic this morning as George Osborne's calming words have done nothing to halt the carnage. From Italian bankscrashing 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 defaul 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...
Italian Banks down 20-25%
British Banks bloodbathing....
Deutsche and CS are collapsing...
As a Lehman moment looms...
With Default risk soaring...
As funding markets enter serious distress....
But apart from that - it must be a great time to buy?
