[EU ASSET MARKET UPDATE] Pretty much one way traffic, so far, with stocks on the retreat again in line with the bearish tone in Asia, which in turn has spilled over to US equity futures after Wall St managed to stabilise a bit on Wed (following the initial bank bail-out slide). The Dax, FTSE and Cac-40 have been down to early lows between 55 and 84 pts under Wed's resp settlement levels, with sentiment undermined and investors largely underwhelmed by the latest economic stimulus developments (watered down and smaller US package - $789 bn - Aussie Govt rejects Aud 42 bn plan). In stark contrast, Mar Bunds are now flying, with the former overcoming a dip to 123.72 and recently storming up to 124.20 (+42 ticks), partly due to switching from sinking equities, but more on the back of Mar Gilts that have picked up where they left off yest (post-BoE) and just hit a 120.81 peak (+77 ticks).
[EUR/USD] following Cable lower with Russian sellers tipped a couple of times, more recently though 1.2900. An Asian account also seen selling Eur/Gbp (0.9030) but this pair still higher, currently 0.9040, and the combined flows dragging the headline pair down. Spanish GDP also soft and reason to lean on the Euro, but in reality not one of the factors that brought about the 50 tick sell off from 1.2930.
[EUR/USD] following Cable lower with Russian sellers tipped a couple of times, more recently though 1.2900. An Asian account also seen selling Eur/Gbp (0.9030) but this pair still higher, currently 0.9040, and the combined flows dragging the headline pair down. Spanish GDP also soft and reason to lean on the Euro, but in reality not one of the factors that brought about the 50 tick sell off from 1.2930.
those who can, do. those who cant, talk about those who can
