Following dismal PMIs across Europe yesterday, the region’s equity market rebound is rolling over today and has triggered the dreaded ‘death cross’, last seen in September 2015 before stocks legged notably lower.

European economic data has been dramatically disappointing recently (weakest since Sept 2016)…

The 50-day moving-average has crossed below the 200-day moving-average just as the dead-cat-bounce in European stocks rolls over…

Notably, while US equities managed to retrace around 61.8% of its drop…

European equities only managed around 38.2%…