Charting the Markets: Ferrari Under Starter’s Orders

The Shanghai Composite plunged more than 3 percent in its biggest decline in a month on Wednesday, while European equities fell for a second day. Eyes now turn to Mario Draghi’s press conference on Thursday, when we’ll all get an update from the eurozone's central banker on the ECB’s disposition to more QE. It might not make a huge difference though: European equities are going quiet. The Stoxx 600, the benchmark index for European stocks, has moved just 0.7 percent a day on average this month, the smallest moves since March. The time for stock picking has come and those in focus will be judged by the deals they do or don't do.

Credit Suisse's new CEO kicked off the long-awaited restructuring of Switzerland's ailing bank Wednesday. Among other things, Tidjane Thiam announced he will IPO the Swiss universal bank. As he embarks on his new gig, he's got to be looking at the success of his Swiss peer UBS. UBS has restructured and its share price has benefited from it. Over the last two years, UBS's stock has risen close to 20 percent, while Credit Suisse has fallen nearly as much.