A snapshot of global equity markets from a few minutes ago: Periphery bond yields are also down, with the Spanish 2-year having declined about 86bps at pixel time. Are markets rallying on: – A US jobs report that was better than expected but roughly in line with the paltry average growth of the past 18 months and has significant methodological limitations – FT Alphaville’s retro Friday M&A speculation RAW double-down – A belated realisation that Draghi’s comments only disappointed before they didn’t, but then they did before they didn’t again. (Kinda like the FOMC statement that also disappointed, but suggested that ... (full story)