“This Is Bad” – European Banks Tumble As ECB Unveils Massive Easing: Here’s Why It’s Not Working

• “This Is Bad” – European Banks Tumble As ECB Unveils Massive Easing: Here’s Why It’s Not Working
  by Tyler Durden, https://www.zerohedge.com/
  Something odd is taking place in the market today: the world’s biggest central bank – whose balance sheet is 40.5% of Europe’s GDP – unveiled massive monetary easing in the form of new carry-trade facilitating bank loans and an extended NIRP period and… stocks tumbled, a reaction which the market has rarely even seen before in the context of a central bank unveiling a surprisingly dovish move. And no stocks are hit harder than the Stoxx 600 Bank Index, which is extending its intraday losses, tumbling to sessions lows down over 2%.
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  Why the unexpected reaction, one which suggests central banks may now be losing control over markets having pushed on a string just one attempt to push stocks too far, a reaction which a trader at a major trading desk laid out simply as “this is bad.”
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  According to Berenberg analyst Philipp Jaeger the problem is that the details of the TLTRO revealed by Mario Draghi have disappointed the market, which was expecting even more generosity by the ECB.
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