Presented with little comment but it seems that in yet another unintended consequence of the short-term haste to make noise ralative to any sustainable long-term solution, the nations that were supposed to benefit the most from the EU Summit are now the biggest losers as their equity markets are the only ones in Europe that are down from pre-Summit levels after today's sell-the-news events. It seems once again those looking at the equity markets to signal the success of an 'event' have been dangerously wrong-footed once again... Spain swung from an 8% gain to a 4% loss
Spain (pink) and Italy (red) have swung froim +8% kneejerk to -4% and -1% resepctively...
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So perhaps finally we will stop hearing - the Summit must be a success, look at the performance of the equity market!!