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Opinion
John Authers

FANGs and the Euro Crash Into Crises of Expectations

The ECB can’t keep up with Fed-level rate hikes, while Alphabet’s tumble confirms loss of faith in the big internet platforms. 

The beat-downs keep coming for the FANG stocks.

The beat-downs keep coming for the FANG stocks.

Photographer: David Paul Morris/Bloomberg
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Scylla, meet Charybdis. The euro dropped to a five-year low against the dollar during Tuesday trading, falling further than during the worst of Covid panic in March 2020. It adds pressure exactly when it’s not needed on the European Central Bank, and on investors in European assets: