Key Data Points
German 10-year Bund 5 bps higher;
France 4 bps tighter to the Bund;
Ireland 3 bps wider;
Italy 3 bps wider;
Spain 12 bps tighter;
Portugal 52 bp tighter;
Greece 149 bps tighter;
Large Eurozone banks up -5.0 to 3.5 percent higher;
Euro$ up 1.75 percent.
Comments
– Portugal, and Greece 10-year yields at lowest weekly close of the year;
– Fitch has affirmed France’s AAA credit rating (with a negative outlook);
– European Council meeting ‘verbal commitments’ rather than ‘concrete decisions’;
– Merkel and Holland have conflicting visions reforming Europe’s economic management;
– Eurozone overall private sector PMI at 47.3, 9-month high;
– German manufacturing PMI fell to 46.3 and France, basically unchanged, at 44.5;
– Mario Monti, refused to comment on his future plans.
Source: Guardian and Telegraph
France does not determine its economic policy according to credit rating agencies, it does it according to what is right for France. – Francois Hollande
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