What do European credit markets know that equities don't? For the 3rd day in a row, credit markets snapped higher at the open and have then sold off considerably - diverging bearishly from European equities. At the same time, European sovereigns (most notably the pivot securities of Italy and Spain) are now 20-25bps wider (in spread) from Friday's Greece 'deal' announcement. European financials are underperforming dramatically.
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Charts: Bloomberg