Markets: the big picture

That’s ridiculous. The markets have got it all wrong. Those must be the sentiments in Frankfurt, Seoul and Moscow. Such harsh judgements wouldn’t be unfair. But while frightened investors may not be sweating the details very well, they have the big picture all too right. The Dow Jones Eurostoxx banks’ index fell by 3.4% on Thursday. Traders blamed tighter rules on collateral from the European Central Bank. But the folks in Frankfurt don’t want to cause the banking system too much pain. Société ...