A Week’s Rally Undone as Europe Stocks Fall Most Since December
This article is for subscribers only.
By itself, it was the worst week for European equities since December. Viewed another way, it was just a few days of gains unwinding -- though more volatility is virtually assured.
The Euro Stoxx 50 Index lost 5 percent in the week after Greek Prime Minister Alexis Tsipras announced a surprise referendum on creditors’ bailout demands. The drop did little more than erase the previous week’s rally and send European stocks back to where they were in mid-June, with volatility near a three-year high.