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European Equities Give Back Friday's Gains As EUR Tumbles Most In Almost 3 Months

Tyler Durden's picture




 

Friday's ramp-fest in European stocks - which did not appear to be correspondingly followed by European sovereign debt - was largely retraced today. Extended by the bullish bias from the US NFP data (and closed before the US data BLShit sunk in), it seems that not just the catch down drove stocks in Europe (and Europe's VIX) but anxiety ahead of the expected wall of noise from European leaders ahead of their meetings (which we have already suffered today). European government bonds leaked lower (yields/spreads higher) and Swiss 2Y rates dropped to their lowest in a month (though still well above the mid-crisis safety panic levels of a few months ago). European credit also slid - tending to follow equities this time.

EURUSD's drop matched its lowest drop in almost 3 months...

 

European sovereigns leaked higher...

 

and European stocks gave back Friday's gains...

 

Charts: Bloomberg

 

Bonus Chart: EURUSD is its richest to impled-swap-spread levels in over a year - at almost 2 sigma...


 

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Mon, 10/08/2012 - 12:09 | 2868234 Lost Wages
Lost Wages's picture

Is the BIS closed for Columbus Day?

Mon, 10/08/2012 - 12:22 | 2868290 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

EUR Tumbles Most In Almost 3 Months!!!!!!!!!!!!!!!!!

DXY 79.54 up .21 +.26%

lol

Mon, 10/08/2012 - 12:45 | 2868363 FurZo
FurZo's picture

What's funny about that?

Mon, 10/08/2012 - 12:54 | 2868392 jimmyjames
jimmyjames's picture

What's funny about that?

*************

Was wondering the the same thing-also-what's inflationary about any of the above data-

Mon, 10/08/2012 - 13:06 | 2868444 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The Euro "TUMBLES!" and the DXY barely moves.  It is inflationary because ALL currencies are devaluing and falling together.

It's funny because you guys are watching the wheels turn when the Central Bankers have placed an explosive on the motor.

Keep holding up the wall and you will be missing the point.

Mon, 10/08/2012 - 13:33 | 2868531 jimmyjames
jimmyjames's picture

The Euro "TUMBLES!" and the DXY barely moves.  It is inflationary because ALL currencies are devaluing and falling together.

Keep holding up the wall and you will be missing the point.

***************

The EUR/USD is down 0.49%-Silver is down 1.2%--Oil is down 0.60%--DAX is down 1.44%

The USDX is trading at 2005 levels and the EUR/USD is at 2004 levels-

I agree all currencies are devaluing together but i don't see anything that makes it inflationary-

Mon, 10/08/2012 - 13:54 | 2868606 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Silver is at $34, up 3x since '06.  Oil is up +15% since then too. 

Not inflationary?

lol....k....

Mon, 10/08/2012 - 14:18 | 2868703 jimmyjames
jimmyjames's picture

Not inflationary?

lol....k....

************

Oil is at- $89 down 40% since the 08 high- in spite of ME geopolitical tensions

Silver is at $34 down 30% from its 2011 highs

inflationary?

lol...k...

Mon, 10/08/2012 - 12:23 | 2868292 Quinvarius
Quinvarius's picture

This article reeks of desperation.

Mon, 10/08/2012 - 12:26 | 2868306 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Deflation is coming!!!

DEFLATION IS COMIIIIING!!! 

RUUUUN!!!!!!

lol

Mon, 10/08/2012 - 12:35 | 2868330 lasvegaspersona
lasvegaspersona's picture

yeah

its right behind the WARMING

Mon, 10/08/2012 - 13:10 | 2868419 FiatFapper
FiatFapper's picture

"EURUSD's drop matched its lowest drop in almost 3 months"

That indy uses candle open & close prices, so it's premature to state the above.

Mon, 10/08/2012 - 13:16 | 2868480 q99x2
q99x2's picture

Hey that looks like you could buy every time the lines touch and sell every time the gator opens its yap and vice versa. That can't be right. To easy.

Mon, 10/08/2012 - 15:06 | 2868870 TooBearish
TooBearish's picture

uuuuh- FEDs closed due to holiday- therefore PPT, Trasury stabilization fund, Open mkt desk, and other forms of ponzi intervention are CLOSED FOR THE SESSION - how in the world could you be surprised?

Mon, 10/08/2012 - 16:38 | 2869077 giovanni_f
giovanni_f's picture

Some big boys milking some wrong-footed small specs. Nothing has changed. eur = 1.2972, lurking around its next resitance level of 1,3 which will be overridden decisively in the not too distant future.  USDX = 79.59, well below the level with the magical 8. handle which now appears to be unreachable, apart from the usual HFT-caused and therefore artefactual and short-lived intraday flares. It is safe to predict that a large number of us$ holders will come to the same conclusion as  Bill Gross: There simply is no fundamental reason to prefer the iou of the us to the iou of the eu.

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