European Stocks Have Best Week In 5 Months But Bonds Spoil The Party

Tyler Durden's picture


It all makes so much sense. Broad European stocks have just completed their best week in 5 months. Even though today saw some of the exuberance wear off a little, the market is up 3.6% broadly (with Spain and Italy up around 5%) as everyone anticipates something magical from Draghi next week. Macro data is a disaster. Micro (earnings) data is far worse then expected. Italy remains government-less. The money (Merkel) faces problems at home. The Buba is strongly critical of the ECB and OMT/ESM plans. But apart from that, stocks ended near multi-year highs. The EUR closed down modestly on the week. European sovereign bonds are perhaps the canary in the coalmine here - as they have been smashed to near record low yields, the last 3 days have seen spreads leaking back wider (even as stocks continue to surge).

Best week in 5 months for European stocks...


EURUSD fell modestly (oddly small move given the massive hope for ECB action next week)


Stocks surge BUT Sovereigns gae a lot of their gains back...


Charts: Bloomberg

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Fri, 04/26/2013 - 11:42 | 3502561 maskone909
maskone909's picture

volitility picking up again in jgb's

Fri, 04/26/2013 - 11:47 | 3502582 takeaction
takeaction's picture

WHat just happened to metals?


Fri, 04/26/2013 - 11:53 | 3502605 Kaiser Sousa
Kaiser Sousa's picture












Fri, 04/26/2013 - 11:51 | 3502614 Being Free
Being Free's picture

Not sure.  Just checked --- mine seems to be just fine.

Fri, 04/26/2013 - 11:45 | 3502563 fomcy
fomcy's picture

Full force PM attack again just out of nowhere.

2 hours before Crimex close.

Fri, 04/26/2013 - 11:48 | 3502590 sudzee
sudzee's picture

N  E  E  D 

T  O 

G  E  T 

 P  R  I  C  E 

D  O  W  N   .

Fri, 04/26/2013 - 11:43 | 3502565 Azannoth
Azannoth's picture

smells like desperation

Fri, 04/26/2013 - 11:49 | 3502596 Dr. Engali
Dr. Engali's picture

Smells like teen spirit.

Fri, 04/26/2013 - 11:49 | 3502566 StarTedStackin'
StarTedStackin''s picture

Recovery Summer   ...........   Recovery Summer 4 Baby!

Fri, 04/26/2013 - 11:45 | 3502575 Schmuck Raker
Schmuck Raker's picture

Gold and Silver don't like Europe closed?

Fri, 04/26/2013 - 11:49 | 3502577 orangedrinkandchips
orangedrinkandchips's picture

Gee, it's Friday..Which Central Bank is responsible for lifting the market today??? Check the Google Calendar....The Fed? BOJ? ECB? Bank of Israel? Czech Bank? India's central bank??


This "Market" is like a Glory Hole....Whose turn is it to prop up the market??

Which Central Bank is today??


Glory holes are great, until it's your turn!


(I never USE to be so cynical, swear!)

Fri, 04/26/2013 - 11:49 | 3502595 maskone909
maskone909's picture

depends who is on the other side of the glory hole and which side are you talking about?


Fri, 04/26/2013 - 12:25 | 3502783 Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

Yuck.  Her name is fical liberty and it's a fucking mess.

Fri, 04/26/2013 - 11:49 | 3502579 Kaiser Sousa
Kaiser Sousa's picture

i interrupt this thread to bring you the London close...

can it be any more obvious.........


Fri, 04/26/2013 - 11:50 | 3502585 piliage
piliage's picture

All of the data coming out of Europe this week has been a total train wreck, yet, all the markets are up because they think the crap data will force the ECB to lower interest rates. The LAST thing this market needs is more liquidity, you f-ing morons! Europe needs more PRODUCTIVITY!


Fri, 04/26/2013 - 11:52 | 3502597 Smegley Wanxalot
Smegley Wanxalot's picture

WOOT!  Sing it now ...


Happy Days are here again

Spain's Unemployment's up again

Gonna pump stocks to oblivion

Happy Days are here againnnnnn!


Fri, 04/26/2013 - 11:55 | 3502634 NotApplicable
NotApplicable's picture

That song is in my head a lot when I'm around here.

Fri, 04/26/2013 - 11:53 | 3502603 kessguv
kessguv's picture

stocks wil be a few days behind when reality kicks in :)


Fri, 04/26/2013 - 11:54 | 3502613 TumblingDice
TumblingDice's picture

Those pesky bonds always spoiling the party. 

Fri, 04/26/2013 - 11:52 | 3502615 Hedgetard55
Hedgetard55's picture

If AMZN starts to free fall, the whole NASDAQ will crash with it. Algos will run wild selling. PPT MUST prop AMZN, or else...

Fri, 04/26/2013 - 11:52 | 3502620 mattdubz86
mattdubz86's picture

its 11:30AM and the european markets closed. I hope everyone had their sell Gold et every asset class order in. #Robotsruntheworld.

Fri, 04/26/2013 - 11:53 | 3502621 SmallerGovNow2
SmallerGovNow2's picture

20+ dollar take down in gold price in a matter of minutes just now.  Unfreakin' real this manipulation we are seeing in broad freakin' daylight...

Fri, 04/26/2013 - 11:57 | 3502632 Kaiser Sousa
Kaiser Sousa's picture

thats their way of saying - 

"we dont give a fuck if you know..."


keep stacking my friend...especially on the 1st of MAY.......

Fri, 04/26/2013 - 11:57 | 3502630 fomcy
fomcy's picture

I always say Friday is the day when Manipulators hit the PM market most

Cause nobody else left out there there is no Asia session, Only Crimex f*ckers

and criminals.

Fri, 04/26/2013 - 12:00 | 3502657 NotApplicable
NotApplicable's picture

Even better, Asian holidays next week.

Fri, 04/26/2013 - 11:55 | 3502636 adr
adr's picture

The most lucrative "corporations" in the US are now App developers that all use the same website template. They spend about ten minutes making a website, seems to be even less making an app. Then they wait for Google, Apple, or Facebook to call and hand them a billion dollars.

They don't have sales, or revenue, BUT THEY HAVE DOWNLOADS!!!!

The new hottest thing out there is Path. You tell people where you are going, and you post pictures when you get there. It has everything, messaging, photo sharing, status updates. Fuck, it should be $100 billion in market cap already!!!!


San Fran techie, "Yeah, my app was downloaded like 60 million times."

Coffee Shop dude, "Wow, how much money did you make?"

San Fran Techie, "You don't make money on the downloads. The downloads get you noticed."

Coffee Shop Dude, "Have you been noticed?"

San Fran Techie, "No, but there was a post about my app on wired. Zuckerberg is going to call like tomorrow."


It's all fake in the world today.

Fri, 04/26/2013 - 12:03 | 3502687 NotApplicable
NotApplicable's picture

Meanwhile I see project after project where someone wants my office to make stupid apps, rather than a website accessible to all devices. ALL because it's the "in thing, " which they use to generate PR showing how "advanced" we are.

If we cannot convince the requesting idiots to do it in html, we merely wrap the website in an app template, so the tards can have a fucking icon on the screen from the appstore.


Fri, 04/26/2013 - 12:19 | 3502717 TumblingDice
TumblingDice's picture

As stupid and unreasonable as the people you work with probably are they are probably just trying to squeeze as much out of an obvious trend as they can. The push for mobile computing has been the one of the most pronounced and easy to predict trends of our generation.


What you're talking about is unreasonable because of course it is better to have html rather than something exclusively available to smartphones, but the need to have shit done in a "smartphone friendly" way is also forward looking. We'll have a computer in every pocket in several decades.

Fri, 04/26/2013 - 12:18 | 3502751 fomcy
fomcy's picture

F*cking JP MORGAN lose last of your physical GOLD, morons!
Paper clowns!

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