When markets are down, people focus on the negative.
The point is: Markets lead the narrative, not the other way around.
Hence, people are talking about some gloomy things.
SocGen FX strategist Sébastien Galy lists several things to worry about in a note tonight.
They include:The ESM (European bailout fund) doesn't work. It makes sovereign bondholders less senior, and therefore is toxic. Greece is about to have a potential "cliff-jumping" event, in the form of its election coming up on Sunday. There are leaks coming out from the EU about imposing capital controls in Europe post Grexit. Not helpful. A major downgrade of the US financial system could come any day now. Banks are getting pummeled. There are some worries about Switzerland holding the line on the EURCHF floor.