SCOREBOARD: European night sweats

European markets dropped across the board as rumours circulated of a run on Spain's Bankia.

There was no improvement in investor sentiment last night and equities took another pounding. In Europe, most of the major indices were down over 1 per cent (DAX, CaC and FTSE all down 1.2 per cent) and it was pretty much the same story in the US as well. Greek stocks fell another 3.4 per cent and are down 16 per cent over the last week alone. There was no new catalyst, just the ongoing fear following the Greek election.

It’s interesting to note though that the VIX index is still well down on levels seen during other flare ups. This, amidst the carnage, is a key positive. Consider that for most of the second half of 2011 the index was up around the 40 mark and while we’ve seen the fear index shoot up, at 24 now from 15 to 18 previously, it is still well beneath those levels.



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