Amid reports of political corruption in Spain and more focus on the upcoming election in Italy, it send the European markets tumbling to their worst one-day loss in months.
The iShares Italy ETF ($EWI) is currently down 5.7%, wiping away all the gains from the month of January in one day. The iShares Spain ETF ($EWP) is down 4.9% and the ETF is now down 1.5% for the year.
The iShares S&P Europe 350 ($IEV), a basket of 350 large-cap European stocks is down 2.6% and is still up 3.0% for the year.
The uber-risky iShares Europe Financials ETF ($EUFN) is down 3.9%, but is still up 3.6% for the year. I like $EUFN for the next 12-18 months, but I would look to buy a little lower than the current price. Again, this is a risky play.
I would suggest not trying to jump in front of this bear train that is Europe today, but there will be a buying opportunity at some point in February.
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