Below is a market recap where we find that, yes, as we expected yesterday [2], the half-life of yesterday's Greek election euphoria is shorter than even that of the Spanish bailout.
- S&P500 Futures down
- EURUSD down 0.1%
- Spanish 10Yr yield up 24bps to 7.12%
- Italian 10Yr yield up 12bps to 6.05%
- German 10Yr yield little changed to 1.44%
- Bund future up 0.08% to 142.4
- BTP future down 0.75% to 98.44
- Sterling spot down 0.16% to $1.569
- 1Yr euro cross currency basis swap up 1bps to -52bps
- Stoxx 600 up 0.07% to 244.38
Hopefully this is not a surprise to Zero Hedge readers, who were warned on Friday [3], that courtesy of the idiotic desperation press leak, we shifted to a risk/reward momentum to a Tsipras victory being the only positive Risk On catalyst as it would activate a global central bank intervention. Looks like that is now off the table.
So... now what?