The Italy bond auctions went off this morning with mixed results. All in all, the auctions did not provide any big surprises. U.S. equities futures are flatish so the downside risk was priced in during yesterday's trading session. The euro falls after the auctions breaking the 129 level. Yesterday, U.S. equities sold off strongly once the euro broke the 130 level.
10-Year Yields:
Italy 7.09%
Spain 5.24%
Belgium 4.02%
France 3.06%
U.K. 1.99%
U.S. 1.93%
Germany 1.88%
Note that Italy remains above 7% which forecasts continued worries for global markets. Belgium is now above 4%. France is back above 3%. Money prefers the perceived safety of the U.K., U.S. and Germany.
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