With German Consumer Price inflation coming a little hot, Wholesale Price index deflating MoM (and less than expected YoY), and Finnish Industrial Production turning negative unexpectedly, sellers returned in the early European day with EURUSD breaking below 1.35 (for the first time since 10/10) and ES -7pts from the close (and 12pts from overnight highs) at overnight lows. As everyone anxiously awaits the open of BTPs, credit markets are already playing catch up to the US afternoon with Main 5bps wider and XOver 23bps wider. Copper is the disaster du nuit (for now) as it is now -6.3% from Friday's close. Chart: ... (full story)