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Europe Closes Red For 7th Day Of Last 8 (Shortly)
European equity markets are all closing down today with Spain leading the laggards down over 1% on the day. This is the seventh down day of the last eight for Europe's equity markets. Spanish bond spreads are wider for the sixth day of the last seven and now almost 60bps off their post-Draghi tights as once again the fast-money front-runners step away leaving a truer picture of the state of Europe. Interestingly, Italy underperformed Spain (in bond-land) today - something we haven't seen in weeks - which appears to be Italian bonds reverting their exuberance back to Italian stock levels. Notably, just as in the US, broad European stocks pushed a little higher into the close (after US early close) while credit markets bled weaker - closing near their worst levels of the day. EURUSD was down 30 pips or so (with an 80 pip hi-lo swing) - hovering around 1.29 - until it decided to zoom into the last few minutes, which pinged stocks a little.
European credit markets (post US early close) were decidedly less sanguine than stocks...
and EURUSD was lower and stable until the end of day rampfest began...
Spain Bonds and Stocks appeared to recouple in the last few days...
but Italian bonds remain 'exuberant' and perhaps helps explain today's underperformance as sellers start to pressure than back to reality...
Charts: Bloomberg
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Europe not closed yet. Friggin DST differences. Right now it's 16:48 CET.
The FTSE London rocketed but the other bourses are having a problem getting back to even. Euro has faded severely and is now even with your original call. It seems safe to say that they will close in the red.
:D
It's quite funny how calm some markets are without all the US HFT goblins
Cramer already drooling about this being a "huge GDP event" and how it will help the economy. Our markets will probably close again tomorrow but will open triple digits higher on Wed as the Cramer mentality programmed into the algos goes full on buy mode.
Of course lost US worker productivity and free money from the government is always a reason to rally these days.
MANIPULATION!!
May we borrow your Mr Henry?
I didn't see this coming! I thought it was fixed!
And to commemorate anniversary of the great crash of 1929 on this day in history, the NYSE has a moment of silence.
Oh hell, take the whole day off...
Before Sandy changed the day, this is what we were headed for today.
http://bullandbearmash.com/chart/sp500hourly-shows-consolidation-drop/
Not much holding these markets up in the short term. The higher earnings on lower revenue spew (ie: we can't sell our stuff so we fired our staff instead) has run its course.