European rundown

Spanish and Italian stocks are closing near their highs of the day (up 3.3% and 1.7% respectively) and even the Athens market closed up 4.2%. Also, the Spanish 10 yr yield is back below 6% at 5.98%, down 10 bps on the day after spiking by 24 bps Wednesday. After jumping 14 bps yesterday, the Italian 10 yr yield is in by 8 bps. Also, CDS in both are narrower after spending the morning wider, particularly with Spain after it hit a record high yesterday. The European bank stock index is higher by 2.5% after falling 3.8% in the two prior days. The iTRAXX European financial CDS is in 3 bps at 263 bps after trading at 268 this morning which was a 3 month high. The euro, while still higher vs the US$, remains below 1.30 and the pound is hovering at the highest level since Oct ’08 vs the euro.

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