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European Safe-Haven Flows Drag Swiss 2Y Rates To 3-Month Lows

Tyler Durden's picture




 

Despite Draghi's downbeat utterings and explanation that there is no 'Plan B', EURUSD managed to jerk higher as US macro data hit and markets opened. European stocks were banged lower after he raised downside risks for the EU economy as the hope fades from Barroso's idiotic comments yesterday. European bonds did snap wider but from a tighter base and end stll 10-15bps tighter on the week - though Portugal was battered wider. Swiss stocks are the worst performer on the week - which is odd - especially as 2Y Swiss rates plunge to -3.9bps - its lowest since mid-January as safe-haven flows surge once again. European financial stocks are now negative year-to-date, still playing catch down to European financial credit.

 

It's been an interesting 12 hours for the EUR as its BIS handlers are very evident...

 

with European financial stocks now red YTD!

 

As European stocks and bonds lost significant ground into the close today...

 

as Swiss 2Y rates push back to mid January lows...

 

Charts: Bloomberg

 

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Thu, 04/04/2013 - 11:48 | 3408249 DJ Happy Ending
DJ Happy Ending's picture

What value!

Thu, 04/04/2013 - 12:03 | 3408313 hugovanderbubble
hugovanderbubble's picture

SHORT OIL

LONG YEN

SHORT IYR/RWR

SHORT 10yrs Bonds

STRADDLES (L)

Long French CDS 2 and 5 yr.

Long Gold

Short Silver

Thu, 04/04/2013 - 14:03 | 3408959 youngman
youngman's picture

BUT gold and silver down...hmmmmmm..me no understand kemosabe..

Thu, 04/04/2013 - 17:31 | 3409928 asteroids
asteroids's picture

ECB days, just like FED days will NOT close down. Go back over the last 5 years and you will see this to be true. Market intervention, of course. The only question is by whom and how much.

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