NEW YORK ( TheStreet) -- European financial markets have outperformed most of their counterparts for the past month. As global asset markets look ripe for a correction, however, watch for Europe to lead the way down.The two most pressing events out of Europe for the week were the release of industrial production data and European Central Bank President Mario Draghi's speech on Thursday. Industrial production underperformed expectations, which is disheartening considering Chinese production was so strong. The lack of continuity calls into question global demand, which is bearish for an already overbought financial market. In his speech, Draghi cautioned against giving too much weight to survey data versus actual hard data released by European government agencies. His modest tone was slightly bearish for European assets. IEV) below. European equities have been a global market leader for much of the year, racing to record highs in September. The issue is not with the strength of the European economy, but with the technical nature of an overbought market. As investors await the Federal Reserve's monetary policy decision next week, the uncertainty is sure to lead to a broad selloff for global equities. Look for next week to be a mostly negative week for this exchange-traded fund.