China's pledge of support to Europe launched the Asian and Europe markets, and the U.S. futures, overnight. BOE sees low inflation for next couple years, under 2%. The meeting to approve the Greece bailout funds for today was cancelled.
10-Year Yields:
Greece 33.30%
Portugal 12.09%
Hungary 8.61%
Italy 5.61%
Spain 5.34%
Belgium 3.52%
France 2.96%
U.K. 2.09%
U.S. 1.94%
Germany 1.90%
Greece yield moves above 33%. Portugal moves above 12%. Hungary jumps 11 basis points since yesterday to 8.61%. All other yields relatively flat over the last day with Spain up 5 bips. Italy is now firmly in recession. Of interest is the Portugal yield curve, now moving to complete inversion, the 2's are 14.28% and 5's are 15.00% so once the 2's move above the 5's that will create inversion across the enitre curve including the 2's to 5's. Portugal is already in recession just like Italy.
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