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Weekly Eurozone Watch (April 5, 2013)

Posted By Global Macro Monitor On April 5, 2013 @ 3:30 pm In Think Tank | Comments Disabled

Key Data Points
German 10-year Bund 8 bps lower;
France 20 bps tighter to the Bund;
Belgium 18 bps tighter;
Ireland 10 bps tighter;
Italy 30 bps tighter;
Spain 23 bps tighter;
Portugal 7 bps wider;
Greece 21 bps tighter;

Large Eurozone banks weekly change, 1.41 to -2.49 percent;
Euro$ up,  1.41 percent.

Comments

  • The yield on the German bund closed at its lowest level of the year and is now just 8 bps from the all-time low yield of 1.13 percent set last July;
  • The rally in Euro bonds and decline in yields coincides with the announcement of the Bank of Japan’s massive quantitative easing;
  • France’s spread to the bund came in 20 bps,  its lowest weekly close of the year;  
  • Cyprus finance minister, Michael Sarris, resigned and was replaced by Harris Georgiades, an economist and former labor minister.
  • Italy’s parliament will start voting for a new president to replace Giorgio Napolitano on April 18, the speaker of the lower house said on Wednesday.
  • On Wednesday, the Portuguese government survived a vote of no-confidence in parliament.
  • The European Central Bank kept its key interest rate unchanged Thursday.

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Poll boost for Germany’s Merkel as she gears up for third term bid

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…let me stress that Cyprus is not a template!

- Mario Draghi [1],  ECB President

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(click here [2] if charts are not observable)


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/04/weekly-eurozone-watch-april-5-2013/

URLs in this post:

[1] Mario Draghi: https://www.ecb.int/press/pressconf/2013/html/is130404.en.html

[2] here: https://macromon.wordpress.com/2013/04/05/weekly-eurozone-watch-32/

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