Soggy EuropeEuropean equities remain trapped in broad ranges, defense stocks are struggling despite exploding spending ambitions, banks have stalled after the rerating, and industrials are now getting aggressively sold again.European volatility continues trading stubbornly stressed relative to VIX, quietly signaling that markets still do not trust the Europe comeback narrative.
The Europe Comeback Trade Is Quietly Falling Apart
European equities remain trapped, industrials are getting aggressively sold, defense stocks cannot rally, and Europe vol keeps trading stressed versus VIX. The market still treats Europe like the vulnerable relative expression.






