Weakness In European Banks Could Spell Trouble (BCS, UBS, DB, STD, XLF)

Once again, the fulcrum of today's trading action appears to center around the financials. In the U.S., the Financial Select Sector SPDR ETF XLF has shed 1.61% to $14.28. A number of European banks are getting hit hard today, as well. This seems to suggest that investors continue to be fearful of a re-flaring of the European sovereign debt crisis. U.K. based Barclays BCS is among the worst performers, losing 5.23% to $19.22. German investment house Deutsche Bank DB has shed 2.65% to $62.90. Swiss bank UBS UBS has fallen 2.49% to $17.60 and Spanish powerhouse Banco Santander STD is down 3.08% to $12.29.