Led by a broad-based collapse in financial stocks, European markets extended and accelerated their plunge today. Thanks to the increased systemic linkages enforced by The ECB, peripheral sovereign risk is spiking as their national banking systems crash. Every European nation is now in at least correction since the end of QE3.

Europe crashed today…

Led by utter carnage in financials…

(note that thanks to Draghi’s liquidity spigots financial credit remains suppressed -for now – relative to equity. We do note that Sub financials credit is blowing out)

And every EU nation is now in at least a correction since the end of QE3 (Italy, Spain, and Greece in bear market)

And as EU financials tank, so sovereign risk soars for peripheral nations…