Weekly Eurozone Watch (April 5, 2013)

Key Data Points
German 10-year Bund 8 bps lower;
France 20 bps tighter to the Bund;
Belgium 18 bps tighter;
Ireland 10 bps tighter;
Italy 30 bps tighter;
Spain 23 bps tighter;
Portugal 7 bps wider;
Greece 21 bps tighter;

Large Eurozone banks weekly change, 1.41 to -2.49 percent;
Euro$ up,  1.41 percent.


  • The yield on the German bund closed at its lowest level of the year and is now just 8 bps from the all-time low yield of 1.13 percent set last July;
  • The rally in Euro bonds and decline in yields coincides with the announcement of the Bank of Japan’s massive quantitative easing;
  • France’s spread to the bund came in 20 bps,  its lowest weekly close of the year;  
  • Cyprus finance minister, Michael Sarris, resigned and was replaced by Harris Georgiades, an economist and former labor minister.
  • Italy’s parliament will start voting for a new president to replace Giorgio Napolitano on April 18, the speaker of the lower house said on Wednesday.
  • On Wednesday, the Portuguese government survived a vote of no-confidence in parliament.
  • The European Central Bank kept its key interest rate unchanged Thursday.


Poll boost for Germany’s Merkel as she gears up for third term bid


…let me stress that Cyprus is not a template!

Mario Draghi,  ECB President




(click here if charts are not observable)

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