SCOREBOARD: Rattle and shake

An extension of Spain's budget targets cheered European markets but Wall Street took fright at the start of earnings season.

An initial cheer went out and European stocks bounced as the European Union gave Spain another year to meet its deficit reduction targets and signed off on €30 billion of aid – which should be received by the end of the month. Spanish yields subsequently fell, with the 10-year down 15bps to 5.94 per cent, because wracking up debt for longer is apparently good for bonds! But markets took it and the Dax ended 0.8 per cent higher, while the Cac was up 0.6 per cent ande the FTSE rose 0.7 per cent. The euro too was initially stronger and hit a peak of 1.23306 before the offer came on. The unit subsequently fell 80 pips to 1.2225, where it sits currently.



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