It appears the market is disappointed in Draghi promising - but not delivering anything...

Piet P.H. Christiansen (@pietphc), Danske Bank ECB analyst, points to a lack of detail provided on the latest package:

No meat on the bone on what the package / stimuli might entail.

The European Central Bank is waiting for new economic forecasts before pressing the button on new stimulus that would require preparation in a situation that remains complex, President Mario Draghi says.

Draghi says he told the Group of Seven meeting earlier in July that “it’s difficult to be gloomy today” because there are signs of strength, even if there is quick deterioration in other areas.

But the markets didn't like his lack of action.

Euro is spiking off kneejerk selling...

Global yields are reversing dramatically higher...

And stocks are tumbling...

And all of this after Draghi said significant monetary stimulus is needed.