The Euro Stoxx 600 index was down about 1.1% this morning, with every sector showing losses. Banks led the index down once again. Across the major European markets, the higher-beta gauges suffered the most, with Spain down 1.85% and Italy down 1.5%. With the S&P down sharply overnight and futures pointing to a lower opening this morning, it’s hard for other markets to rally. But Asia Unhedged continues to expect Non-Japan Asia, Japan and Germany to do better than the S&P 500.