Scoreboard: European ease

European bonds rallied on expectations the ECB will soon take action to deal with low inflation, while equities on both sides of the Atlantic had a sluggish session.

The most amazing price action for last night was the fairly solid bond rally. The 10-year bond yield at 2.44 per cent is now at its lowest since June last year. It wasn’t just a US phenomenon either; German bunds were off about 6 bps to 1.3 per cent and UK gilts and Italian and Spanish bonds all followed suit.

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