European markets rallied overnight as enthusiasm over the ECB's bond buying program took hold.

A strong session on the European continent (Dax up 1,3 per cent, CaC p 0.9 per cent – FTSE flat though) failed to spill over to Wall Street overnight, although it wasn’t a bad session by any means. The bid in Europe seem to be driven by the excitement over ECB bond purchases, which is probably why we saw further decent fall in bond yields for Spain and Italy.


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