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Italian Stocks/Bonds Dump (And EUR Slump) On Auction Disappointment

Tyler Durden's picture


Europe saw red today. Italian equities and bonds traded notably off (with FTSEMIB now -2.7% on the week) amid their biggest drop in over a week and heading back to post-election lows. The driver was a less-than-desirous auction at the short-end of the Italian bond curve (the part of the curve that Draghi 'promised' would be fine) as the 12-month bill went out 43bps above the January lows. This sparked weakness overall as across the board weakness was evident in stocks and bonds in Europe. EURUSD dropped back below 1.2950 for the first time in 3 months. Commerzbank's recap also stumbled markets a little even though it was widely rumored and Europe's financials underperformed broadly. A late-day ramp - oddly starting at 1130ET (when Europe used to close pre-DST) - just like we saw yesterday - saved the day for stocks and crediy overall.




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Wed, 03/13/2013 - 12:53 | 3326301 SheepDog-One
SheepDog-One's picture

Meanwhile, nothing can put even a tiny dent in US equities full-retard exhuberancefest we find ourselves in now...even the slightest red is immediately doubled into green territory.

This is going to end very badly, someday.

Wed, 03/13/2013 - 12:55 | 3326311 eclectic syncretist
eclectic syncretist's picture

yeah, when the market crashes and the banks lose all the free money, and the taxpayers pay for it all,....AGAIN!

Wed, 03/13/2013 - 12:58 | 3326320 Mrmojorisin515
Mrmojorisin515's picture

What does it matter if it goes down one day? or a week for that matter?  If the value of the market is still over priced, what does it matter?

Wed, 03/13/2013 - 12:56 | 3326317 eclectic syncretist
eclectic syncretist's picture

Maybe it was just a drone getting shot down by some pissed off motherfucker who's had enough of this bullshit.

Wed, 03/13/2013 - 13:23 | 3326390 medium giraffe
medium giraffe's picture

That, or the divergence between fundamentals and stock performance is so great that trying to plot it on a graph has caused a tear in the space time continuum due to accidentially transgressing some incontrovertible universal rule of logic.  If that's the case then some poor Quant in an office in SA just lost all of his windows and mastery of his lower bowel.

Wed, 03/13/2013 - 12:55 | 3326313 jubber
jubber's picture

rallying into a potential Italian collapse seems slightly stupid. Grillo has already said he can't work with PL, Barsani,Monti or Belusconi, therefore there will be no chance of a Government and the country will be thrown into chaos as new elections will have to be called...by Friday if I am nor mistaken.

Wed, 03/13/2013 - 13:13 | 3326357 SheepDog-One
SheepDog-One's picture

Well yea...but that's all the way off to Friday! Still plenty of time for this Sterno chugging party to go on before we have to worry about any messy hangover!

Wed, 03/13/2013 - 13:23 | 3326399 bonzo112358
bonzo112358's picture

Uncle Ben would just fix it by adding another $40 Billion/month so no one notices.  More money for the big players fixes everything.  Italy can go down in flames and he would just point in a different direction and tell us there is nothing to see here.


Wed, 03/13/2013 - 13:03 | 3326334 chdwlch1
chdwlch1's picture

Draghi should have bought some bonds from today's auction yesterday ala Ben "Oops, that's never happened to me before" Bernanke...

Wed, 03/13/2013 - 13:35 | 3326428 FuzzyDunlop21
FuzzyDunlop21's picture

EURUSD looks like one big floppy cock yet S & P is full erect fuck this

Wed, 03/13/2013 - 13:54 | 3326495 reload
reload's picture

Yes but LOOK at Euro/GBP -- good call MR STOLPER. Arrived at the party just as the punchbowl dried up, as usual.....how do GS have any FX customers left? amazing

Wed, 03/13/2013 - 13:40 | 3326450 swissaustrian
swissaustrian's picture

weak EUR, strong SMI. Thank you SNB motherf...rs!

Wed, 03/13/2013 - 13:49 | 3326487 jubber
jubber's picture

Huge AH ramp in Europe to the highs of the day for the DAX, CAC, FTSE 7 now the IBEX down all day and now HOD's while all of them closed nearly an hour ago, what a farce this all is

Wed, 03/13/2013 - 14:39 | 3326780 NihilistZero
NihilistZero's picture

Anbody think the seemingly bulletproof stock market run is what will accelerate the pop of Housing Bubble 2.0???

I think the smart money intended to exit the SFH specuvesting orgy by late 2014 at the latest.  But with the yields being squeezed on flips and rentals due to intense demand, I have a feeling the smart money will liquidate sonner than anybody expected to get in on the final turns of the DOW merry-go-round.


Wed, 03/13/2013 - 14:40 | 3326781 NihilistZero
NihilistZero's picture

Double Post, sorry :-)

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