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Takeaway: The Euro Stoxx Bank sub-index is down -7.5% so far this week, as stress tests revealed big bank weakness.

Europe's Carnage Continues: Stress Tests Reveal No Faith In The Continent's Big Banks - Europe three bears cartoon 07.21.2016 

It was an ugly day for European stocks. Eurozone equity markets were down between -0.8% and -2.8% today as investors continued the mass exodus out of the continent's struggling banks.

Europe's Carnage Continues: Stress Tests Reveal No Faith In The Continent's Big Banks - european equities 8 2

Check out the collection of laggers in the Euro Stoxx 600 below. Leading the losers were a handful of Italian bank stocks. Topping the list was Monte dei Paschi di Siena (BMPS.Italy), down nearly -13% today, after failing European stress tests and announcing a supposed "definitive solution" to solve its legacy of bad loans. Note: The bank has lost €4.2 billion in market capitalization since Q2 2015 or 83% of its value.

Europe's Carnage Continues: Stress Tests Reveal No Faith In The Continent's Big Banks - europe leaders lagg 8 2

The Euro Stoxx Bank sub-index is down -7.5% so far this week.

Europe's Carnage Continues: Stress Tests Reveal No Faith In The Continent's Big Banks - european bank stocks

As the European carnage continues, we reiterate our call ... #EuropeImploding.