The carnage in European debt and equity markets continues. The Austrian stock market has dropped over 7% in the past 2 days and has now joined Greece, Cyprus, Portugal and Belgium in breaking through their previous low of 2011. Here's the worst equity index performers since Sunday:
The next tier of Eurozone countries sitting on the precipice of their 2011 lows are France, Italy, Spain, Finland and Luxembourg. Absent a major money printing announcement by the ECB, expect them to join their aforementioned brethren in the not-too-distant future.
The most ominous sign of all regarding the current precarious state of the global economy has to be the fact that since Nov 1, the prices of 5y sovereign CDS have gone up for every major economy in the world. Many have gone up by well over 30%. The CDS market seems to be signaling that the the world now only consists of bailout-ees (recipients); there are no more bailout-ors (donors). Here is the list:
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