September 4, 2013
European sovereign bond spreads are notably wider on the day as anxiety over Berlusconi buggering-up Italian politics’ status quo once again sent investors scurrying from risk-assets early on in the European day. Italian stocks were down 2% (and the rest of themarket down around 1%) before McCain’s confirmation of a ‘no-vote on narrow scope’ seemed to trigger bigger-deficit-spending exuberance in stocks in the US and Europe. The USD was sold (Taper-off) and Treasuries bid which sent EUR higher and AUD surging (AUD’s best 3-day run in 21 months!!). European stocks turned back higher in a ridiclously correlated manner to US equities leaving only Italy red by the end of the day.
FX markets dumped USD after McCain’s comments…
and while European Stocks popped, European bond spreads did not seem so exuberant…
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