The EuroStoxx 600 - one of Europe's broadest equity index - is up almost 5% in the last 5 days, the best such run since July of last year and is trading close to levels not seen since June 2008. Of course it is we hear you scream, Spanish unemployment is worst and getting worster, the core economy (Germany) is fading rapidly, Italian growth forecasts are being slashed, Europe's growth forecasts are being significantly lowered; have no fear Draghi is here (with what? we implore?). While stocks in Europe were off to the races once again, for the second day in a row, Spanish and Italian bond spreads leaked wider (after their record-breaking run recently). EURUSD also took a big stumble today, from around 1.31 to below 1.30 on Goldman's note on ECB's albeit 'cosmetic' rate cut.
EURUSD...
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EuroStoxx 600 Surges...
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and Bonds have been bleeding as stocks go from strength to strength...
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Charts: Bloomberg