European stocks closed down almost 2% (-1.77%) but volumes were light due to the U.S. holiday. Tomorrow will be the real tell. Europe's biggest retaliation weapon is deemed to be its massive U.S. asset horde valued at $8 trillion. Which could be liquidated to drive up U.S. interest rates: "Europe Can Wield The Sell America Weapon" “European countries own $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined. I will say this much, that if this Green Land grab gets out of control, then the cost of it will be measured in many trillions of vapourized wealth. It will be the most expensive real estate deal in human history. Without any comparison.