Despite record low yields on sovereign bonds, record high stock prices, and a political elite proclaiming it’s all shits and giggles from here… it seems record unemployment, record suicide rates, record bad loans, and record low credit creation were finally enough to trump the ‘wealth effect’ exuberance that European consumer confidence has envisaged in recent months. This is the biggest drop in confidence in 18 months and the biggest miss since Aug 2011. This is a 3 sigma miss from expectations and below all 25 “economist” guesses. How’s the weather in Europe?
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