EU confidence rose to its highest since Q3 2011 but missed expectations by the most in 17 months and remains notably divergent from the near-all-time-highs in EU stocks. Of course, that doesn't matter, or in fact only juices moar money into the EU - even as FX movements drive EU corporates to suffer (see Adidas). Spanish and Italian equity indices rose the most on the week but a look at the charts shows the entire gain was instantaneous on the Bernanke news with selling into and after that squeeze. EU Sovereign spreads leaked lower all week with a blip higher post-Bernanke quickly dissolving back. Italian spreads end -26bps - because all is so calm there... EURUSD is holding around 1.3550 (+250 pips on the week), the strongest weekly close since February.
EU confidence missed expectations by the most in 17 months...
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but - aside from the nervous Greeks - stocks were up on the week.. though note the selling pressure pre- and post- the Bernanke bounce...
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Charts: Bloomberg