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Belgium released their inflation report for May at +5.8% year over year. This was a 24 year high and resulted in the Belgium Stock Index dropping another -3% in European trading.

Stagflation induced stock market weakness is not a new "Trend" in Europe, particularly in Belgium, where stocks are now -28% from their October 2007 "its global this time" highs.

The European central bankers have inflation as their explicit #1 priority right now. The facts bear out on their side of the analysis, not on the US Federal Reserve's.
KM

(picture: http://www.emat-tucson.org/Belgium/Pictures/BelgiumFlag.gif)