Spreadex Market Update
European equities stabablise
All major benchmarks were sharply lower in line with Eurozone fears and increasing borrowing pressures faced by Spain, with yields well over 6.5%.
Unsurprisingly, both bunds and gilts responded to investors’ demand for safety and negative real returns by printing all-time record low yields, 1.26% and 1.64% respectively.
And even in spite of yet more eurobond speculation, the rally that followed was short-lived, and markets closed firmly lower.
Our clients will today turn to US news flows for direction, when later today ADP non-farm, unemployment claims, and preliminary GDP figures are released.
Markets are particularly vulnerable to any US economic softening, which would likely compound investors’ anxiety to hold risk already present courtesy of Europe. Bulls will demand these figures supportive if any rally is to gain traction.
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