Yields of interest are the 10-year for Hungary that dropped from 8.61% to 8.27% in the last 24 hours; the ECB must be helping out. Italy has jumped almost 25 basis points since this time yesterday, now at 5.84% moving towards that whole number 6% level. Spain jumped 20 bips in the last 24 hours ago to 5.54%. Belgium is up 10 bips over the last day to 3.62%. France is now up and over 3% again printing 3.01% now. Money is running to Germany to seek safety as the 10-year yield drops to 1.82%. U.K., U.S. and Aussie 10-year yields all dropped a few bips over the last day, showing these countries as a preference for international investors.
Moody's threatens to downgrade banks last evening including BAC, GS, JPM and MS, as well as other European banks, which is casting a pall over global trading. France auctions went okay today despite the threat to France's triple A rating that occurred last week, but as mentioned above, France is up and over 3% so the negativity is having an affect, albeit perhaps a small one at this juncture.
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