Stocks are sharply lower, with European stocks trading ugly right from the start. Germany is down more than one percent, and is lodged at the lowest levels in nearly three months.
Several factors are moving our markets, including:
1) The rhetoric in Ukraine is getting downright vitriolic.
2) Adidas cites Russian exposure risk.
3) Portuga’s Banco Espirito Santo posted a $4.8 billion loss.
4) We saw the 10-year yields spike to over 2.6 percent.
5) Argentina’s default.