SCOREBOARD: Chinese stimulus

Risk was pushed up overnight by strong Chinese data and Spain's debt auction, but the mood was still tentative.

Yesterday’s stronger-than-expected Chinese GDP data, in conjunction with a decent Spanish bills auction, saw risk appetite improve further overnight. Spain sold off almost €5 billion in bills at sharply lower yields than in past auctions, with 12-month bills going out at a yield of 2.049 per cent from 4.05 per cent previously, and 18-month bills going out at 2.399 per cent from 4.226 per cent previously. Bid to cover was strong in both auctions at 3.54 and 3.23. This result saw another fall in Italian and Spanish spreads to bund with the Italian 10-year yield now at 6.5 per cent (from 6.62 per cent) and the Spanish yield down to 5.13 per cent from 5.18 per cent.

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