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Stocks Sour as Buy-The-Dip Fails to Materialize

EQUITIES
  • As was the case on both Tuesday and Wednesday, equities saw a sharp spell of weakness following the open, although the dip seemed to stick into the close, with the S&P 500 off around 0.8%.
  • The sharp bull flattening of the US Treasury curve worked against the banking sector, with financials the worst performer in the US. Materials and industrials also traded poorly, with energy the only sector to hold above water.
  • The sell-off in stocks managed to underpin the VIX, which saw support and briefly showed above 20 points.
  • European markets underperformed their US counterparts, with Italian, Spanish stocks sinking over 2.25% apiece. The FTSE-100 was partially shielded from losses but still closed off 1.7%.
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