Equity markets suggest that investors are in modestly “risk-off” mode. Wall Street dropped with DJIA and S&P losing -0.42% and -0.36% respectively. European shares were mixed with Germany’s DAX adding +0.4%, UK’s FTSE slipped -0.4%. Shares in Lufthansa slumped -6% after issuing a profit warning. Bank stocks rallied after ECB President Mario Draghi indicated that backstop is a “very useful” way to handle non-performing loans (NPLs).
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