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Carnage Continues Across European Stocks; EURUSD Surges Above 1.1500 As WTI Crude Tumbles To $38 Handle

Germany's DAX is now down 15% since the "China doesn't matter" devaluation began with most European borses down 3-5% from Friday's close as the day started off with a modest bounce only to test new lows. EURUSD is now up 500 pips in 4 days back to 7 month highs. European bond risk is surging with Portugal up 50bps since China's debacle began. And finally crude continues to get battered, now testing the $38 handle for the first time since Feb 09.

As the massive EURCNH carry trade contonues to be unwound, EUR surges higher to 7 month highs...not what Draghi ordered...


And as carry goes, so goes risk... European stocks are being battered...


And crude has collapsed through another big figure to the $38 handle...



Charts: Bloomberg