SCOREBOARD: Greek spotlight

The market reaction to Greece's bailout was mixed, with big moves in the commodity space.

The market reaction to news that Greece would get the second €130 billion bailout has been mixed so far, stocks in Europe actually fell – the Dax was off 0.6 per cent, the CaC off 0.2 per cent and the FTSE down 0.3 per cent – while the euro is down about 20 pips or so to 1.3243 (from 1630). Admittedly there are still concerns about how committed Greece actually is to reform, but these aren’t new. More broadly, and as I mentioned yesterday, investors are becoming much more relaxed about the European crisis. The hunt of for yield is picking up – which is why Italian and Spanish bond yields continue to fall (down another 4 or 5 basis points last night to 5.43 per cent and 5.1 per cent). Indeed Spain sold off over €2 billion in bills last night at yields averaging 0.396 per cent for the 3-month bills and 0.764 per cent for the 6-months. Cover was very strong at over 10 for the 6-months and 4 for the 3-months.

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