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Volatility Breaks Out in Europe as War, Rate Risk Ensnare Assets

  • Swings in equities as pronounced vs. U.S. as in Brexit selloff
  • Measure of bond volatility hits pandemic high after ECB meets

Everywhere you look, from stocks to bonds, European assets are in the throes of outsize volatility as the Ukraine conflict rages -- outpacing gyrations in key U.S. markets.

With Germany’s DAX soaring 8% Wednesday, swings in the region’s equities are near the highest relative to S&P 500 peers since 2016, while gauges of bond and currency volatility are at pandemic peaks.