Oil up bad, oil up good

On Friday, the US market sold off on concerns with Egypt because oil went up $4+ but yesterday rallied when oil rose another $3+ to multi year highs. Thus, I’m not sure now what investors here care about ahead of the million people march in Egypt where the military said they won’t get in the way. Egypt’s CDS is narrower by about 25 bps. China’s state weighted mfr’g PMI fell to a 5 month low and was slightly below expectations while the private sector weighted PMI rose a touch. Chinese stocks did rise but the other major emerging market, India, saw its market fall 1.7% to the lowest level since Aug 31st ’10. Germany’s Jan jobs figure was better than expected and its unemployment rate fell to the lowest since Mar ’92 at 7.4%. Combined with French PPI at the most since Sept ’08 and the $ index is near a 3 month low. Bund and Gilt yields continue higher.

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