Italian Spreads To Worst In 3 Months Amid Sideways European Day
Europe's VIX limped sideways and broadly speaking European stock markets also did the same on a relatively slow day. Intriguingly Spain's equity market was the best performer today (some high beta grab?) as Italy's was the worst -0.75% as the disconnect between the two grows in CDS markets also. Italian bond spreads pushed 8bps wider to 346bps over Bunds - a new three-month high. Credit and equity markets are moving in lockstep but chatter is that activity is quite mutes ahead of the EC meetings and their streams of useless anecdote due anytime. EURUSD is holding its lows as Europe closes - back under 1.2990.
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