Spreadex Market Update
European stocks rocket
On a day that many traders would have been looking towards in their diaries this week it would appear that the detail that was needed in exactly how the ECB would tackle the crisis was finally made available.
Mr Draghi said the programme, named “outright monetary transactions” will address short term distortions in financial markets and will focus on bonds maturing within 3 years however he held back from stating any formal cap on bond yields that the bank would consider excessive.
Spanish 10 year bond yields are down 29 basis points on the day to 6.09% with Italian 10 year bond yields down 11.5 basis points at 5.3% US Stock markets have also been buoyed by the news that US non-farm private employment rose significantly more than expected in August by a seasonally adjusted 201,000, easily surpassing expectations for an increase.
The figure, although often more volatile than the Friday headline non-farm figure, making it not the most reliable guide for the government jobs report, should hopefully give us some indication of which way we are headed tomorrow.
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