SCOREBOARD: Divided and directionless

Negative leads from offshore markets and higher Spanish and Italian bond yields don't suggest a good start, but this is a week where key themes will be tested.

I don’t think Friday’s session or events generally last week, will provide much of a guide as to what markets can expect this week. The major indices all dipped on Friday, true to say, so it probably won’t be a good start. For instance, US indices were down almost 0.5 per cent, although in Europe the offer was harder with the Dax down 1 per cent, CaC off 2.5 per cent and FTSE off 0.6 per cent. The concern here is obviously Spain again and their debt yields are pushing higher. On Friday we saw another 13bp or so added on to the 10-year which now sits at 5.97 per cent. Italy’s equivalent was up only a few bp to 5.03 per cent but it was still up.



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