EURUSD Leaking On Barroso Banter But Stocks/Bonds Marginally Higher Pre #BVerG

Tyler Durden's picture

As the world waits with baited breath for the Karlsruhe Klan to decline (the positive risk-on decision), markets are leaking modestly off their overnight best levels. Barroso's State of the Union seemed to have been the trigger for some weakness as he reminded everyone just how political this problem is.

  • *BARROSO CALLS FOR DECISIVE DEAL TO COMPLETE EMU
  • *BARROSO SAYS FEDERATION WILL ULTIMATELY REQUIRE NEW TREATY
  • *BARROSO SAYS EU MUST COMPLETE DEEP ECONOMIC, POLITICAL UNION
  • *BARROSO CALLS FOR FEDERATION OF NATION STATES, NOT SUPER-STATE

EURUSD is up 10pips, S&P 500 e-mini futures are up 2.5pts, European stocks are up marginally (IBEX +0.5%, MIB +0.17%, CAC -0.15%, EuroStoxx unch), Financial and corporate credit is 2-5bps tighter (XOver -9bps at one-year tights), and Sovereign spreads unch to slightly tighter.

EURUSD...

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Debtonation's picture

So what he wants is:

United Communist European Union

Reptil's picture

BREAKING: The judges in Karlsruhe did NOT REJECT the ESM. They said the claims were not applicable and the ESM is constitutional BUT ONLY under certain circumstances: one is that this sum of money is set and cannot be changed.

Zero Govt's picture

a Marxo-Fascist Europe to be precise

Croatian Patriot's picture

United nations of Europe? Ha, ha ha. United my ass

Jayda1850's picture

Europe has been fighting each other for over a 1000 years. I have very little faith of any unity, regardless of what all these unelected technocrats call it.

Zero Govt's picture

Gentleman, we only fight when the economy is in the toilet

oh, it is in the toilet

Let's get it on then, Barroso first to get it in the eye

gggunchi's picture

The satirical name for the EU . . . the "EUSSR" is beginning to look more like fact than satire. 

magpie's picture

Ah, no more Romano Prodi around. You could even claim he was a vintage KGB agent...but now we have Merkel for that.

debtor of last resort's picture

Lets have a German referendum and kick this freak out of business.

Zero Govt's picture

the German Judges have ok'd one more futile attempt at er, futility

let nobody here question their judgement (cough)

No Euros please we're British's picture

Barroso? I don't remember voting for him in the Euro elections.

giovanni_f's picture

Europe should not unite. It is more than enough to have one indispensable superpower that adheres to international law, has a strong currency policy, an independent congress, works her ass off to maintain a balanced trading account, constantly engages in making the world a better place by killing terrorists with drones, deploys trillions for her divine mission to democratify countries except Bahrain and Saudi Arabia. We are well served with the united S of A.

Poor Grogman's picture

The EU will collapse all by itself,
It is possibly THE most toothless, weakest, ill conceived, poorly governed, fragmented, unwieldy, unmanageable and pointless creation that has ever graced this fine planet.

Apart from that it just sucks.