Europe hammered by inflation worries, rate hikes and the potential for a sovereign debt crisis, which is why Italy underperformed today.
Stoxx 600 -2.7%
UK FTSE 100 -2.1%
German DAX -3.1%
French CAC -2.8%
Italy MIB -5.0%
Spain IBEX -3.8%
European stocks had held up much better than US stocks since the March low, in part because of far less tech exposure and lower multiples.