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Contagion Spreads To Europe Amid Spanish Bank Bloodbath As Catalan Readies Independence Declaration

Spanish stocks have given back all of their gains from yesterday's chaotic on-again-off-again headline-hockey surrounding Catalan independence as it appears all but inevitable that the separatists will pull the trigger any minute now.


The contagion has spread to European bank stocks which have tumbled to unchanged on the week...


And Sabadell and Caixa stocks are both slumping...


However, we note that both Spanish and Catalan bond yields are dropping...


And Sabadell and Caixa bonds are rallying...


We can only assume on the back of Draghi's promises yesterday.


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