European stock markets just suffered their worst decline since Lehman... Oct 2008 as the crude and Covid chaos rolls around the world...

Europe is now down over 22.5% - a bear market - from highs just 3 weeks ago...

Source: Bloomberg

The selling was absolutely across the board...

Source: Bloomberg

European banks crashed to their lowest since March 2009... but judging by EU bank credit, there's more to come...

Source: Bloomberg

And European credit is crashing...

Source: Bloomberg

German bonds were aggressively bid all day with two- and five-year yields dropping to -1%,

Source: Bloomberg

Gilt yields fall below 0% in two- and five-year segments, with BOE’s buyback seeing the institution buy at a sub-zero rate

Source: Bloomberg

But, Italian yields surged, rising 30bps in 2-year to 10-year segments.

Source: Bloomberg

Paging Christine Lagarde!!