Buying panic in bonds lowers banks – Bank of America Corporation (NYSE: BAC)

Behind today's big move in bond yields, there was a thick German PMI at its weakest level since 2012. It dropped the German 10-year Bund yield into negative territory.

In addition to the US's 10-year Treasury return is more than nine basis points to 2.44% – the lowest print of more than two years. That pretty much makes the US yield curve flat (the 2-year-old is 2.34% and the Fed's target is 2.25% -2.5%). TLT + 1.35% TBT -2.7%

While the large US averages are lower than 1% the financial sector (XLF ̵

1; 2.3% ) is hit much more difficult. SPDR banks ETF (KRE -3.4% ), SPDR Bank ETF (KBE -3.3% ).

Individual Players: Bank of America (BAC 3.6% ), Morgan Stanley (MS -3.3% ), Wells Fargo (WFC -2, 5% ), KeyCorp (KEY -4.6% ), SunTrust (STI -3% ), Comerica (CMA -3.6% ]), BB & T (BBT -2.9% ), fifth third (FITB -2.7% ), Regions Financial (RF -4.4% ), BNY Mellon (BK -2.8% ), MetLife (MET -3% ), Prudential (PRU -2.9% ) ).