Everybody forced into chasing "junk" and showing bosses they had "deployed risk" - ugly price action in some of the most squeezed sectors in Europe, banks, autos, travel and leisure...all down 4-4.5%
SX7E turned right on the 100 day moving average.
That great European banks bull call
Credit where credit is due. Recall the Autonomous long euro banks call we posted on May 20, SX7E is +17% from lows that day.
Main points from the call on May 20:
Autonomous lays out the below points today:
1. the sector’s Q1 results were relatively resilient
2. some tail risks have been removed
3. look ahead to the next...
