European markets are tanking.
The cause? Mario Draghi delivered a massive disappointment at his press conference today.
There was an expectation that he was going to start some kind of program to reduce bond yields in the so-called “peripheral” countries of the Eurozone, namely Spain and Italy.
Instead, he said very little. There was mostly rhetoric about probably doing something in the future.
You can see full coverage of his talk here.
Spain’s IBEX is down over 4.5 per cent after Draghi refused to do anything.
The negativity is spilling over to the US as well.
Dow futures had been higher this morning, but are now significantly lower.