European Bond Yield Summary 4/13/12

10-Year Yields:
Greece 21.10%
Portugal 12.56%
Hungary 8.91%
Spain 5.89%
Italy 5.44%
Belgium 3.36%
France 2.89%

Netherlands 2.23%
Finland 2.11%
U.K. 2.06%
U.S. 2.02%
Germany 1.75%

Portugal and Spain yields bump higher since yesterday. Others are flat to lower. The perceived safer haven countries, in the second grouping, drifted flat to lower, which is odd considering the strong equities rally in the U.S. yesterday. This shows that money is not moving from bonds into stocks and that the two-day rally is more of a one-off event. Also, Europe continues to show weakness in recent days with money leaving equities and being placed under the mattress instead.

China GDP is 8.1% missing the 8.4% consensus estimate, the slowest growth in three years, far below the 9-handle rumors. This is hitting the metals markets this morning and also pressuring equities markets. Europe is China's number one customer so the bad news is rippling thru the Euro zone.  Portugal, Hungary, Spain and Italy require close monitoring since the situation will likely deteriorate moving forward.