SCOREBOARD: Euro kick

In the wake of no new data, investors in Europe flicked the switch to risk while Wall Street also enjoyed a bounce.

It seems that punters had enough with the ‘risk off’ trade last night and we saw a bounce back on global equities. There wasn’t much in the way of major news or data flow or anything, so realistically last night’s moves could have gone either way. Especially with Fitch coming out and downgrading a bunch of Spanish banks again. That saw the Spanish 10-year shoot up to a euro era high of 6.82 per cent (from 6.48 per cent) and the Italian equivalent up to 6.15 per cent from about 5.85 per cent. That action alone could have sparked another rout, and it almost did with most of the major indices taking a tumble soon after (the Dax fell almost 1 per cent), some even slipping into the red. But as it was we saw some tentative gains on the Dax (up 0.3 per cent), and the CaC (up 0.1 per cent) – both only just managing to claw back gains lost after Spanish yields spiked. Only the FTSE managed a decent gain of 0.8 per cent.

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