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Takeaway: Italian equities are down -28% from last year's high despite the ECB's best efforts to arrest economic gravity.

European Equities Still Stumbling, Brexit Or No Brexit - Europe Japan cartoon 04.04.2016

"Unfortunately, post the Brexit vote, the world is going to have to keep reporting economic and profit cycle data," Hedgeye CEO Keith McCullough writes in a note sent to subscribers this morning. And unfortunately for Bulls that data has been continually poor.

Here's additional analysis from McCullough:

"EUROPE – seeing the weakest countries in European Equity markets get a jumpstart on selling this am with Italy leading losers -0.8%, taking its stock market crash to -28% from last year’s cycle high (Portugal -0.6%, Spain -0.4% both remain in crash mode too w/ European #GrowthSlowing no matter what the vote)"


Take a look at Italian stocks...

Italian equity markets continue to price-in reality, namely that the ECB's best efforts can't stanch the bleeding in Europe.