Scoreboard: Healing Europe

European markets rose overnight as Italy issued debt at euro-era lows and Spain recorded its fastest quarterly growth in six years.

There was some fascinating price action overnight, and given we’re still in a relatively directionless period (in which the themes for the year have yet to evolve) is quite something. Firstly though, and on Wall Street overnight, the price action wasn’t really great. Unless, that is, you like bonds for their capital prospects. The US 10-year yield fell (bonds rallied) another few bp to sit at 2.83 per cent as I write. The major equity benchmarks were weaker however, and falls look solid. The S&P500 for instance, is currently down about 1.1 per cent (1822), the Dow has lost 132pts (16304) and the Nasdaq is off 1.1 per cent to 4142.

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