2016 proving to be worse for financial sector not mining

Mining share prices are not the one dragging the indices most in 2016, it's the financials that suffering the massive chunk of outflow. 2015, was the year of big suffering for mining including energy but their share prices are already battered to the best heading into 2016. So this time its financials.

According to calculations by Markit, global financial ETFs, suffering their worst quarterly outflow since second quarter of 2010, So far this quarter, it has suffered net 43.17 billion outflow, almost 30% of total equity outflows. Investors are worrying over the financials' exposure to mining and energy debt and also impact on the profitability as interest rates go negative.

The quarter is far from over and some of the big names in banking space have suffered big. Insurance cost for protection against bank default are on the rise. Spooking rumor like Deutsche bank default has been circling the wires.

Among the prominent names, Unicredit has suffered most, with stock price plunging more than 40%, followed by Deutsche bank with 38% and Credit Suisse by 36%. BofAML is down closer to 30%. Goldman Sachs and HSBC have suffered relatively less but even that is closer to 20%. (These values do not include, today's change).