Europe's "fear index," the VSTOXX index, is going through the roof Thursday morning. The index measures volatility in European markets. It's the "cousin" of the VIX.
It's at a two-year high already, and still climbing. It's up 23.72% already today, dipping above and below 35, after spending basically all of the time since Autumn 2012 below 25.
It's smashed straight through the 30 mark and is on the climb.
Stoxx, Business Insider
Analysts at Rabobank laid it out for investors in a note this morning (emphasis theirs):
"Markets seem to be trading as if we are now entering a QE-less world which we currently are... As we've argued repeatedly, that translates as 'welcome to an asset-rich, income-poor world without the asset-rich part'."