1. Spanish bond trading opens in two hours (at 0600 GMT). 10-year yields closed at 6.94%. The only concrete decision from the today is that Spanish debt will be equal in seniority to EFSF bailout funds. A good signal would be a trade below 6.60%. A great signal would be a drop below the late June low of 6.36%.
2. Ireland says this deal will allow it to re-engineer its debt by shifting bailouts directly to banks. Could be a big day for Italian bonds.
3. Similarly, Italian yields must fall below 6% to keep the positive sentiment in EUR. The close was 6.195%.
4. S&P 500 futures are up 15 points, or 1.1%. Combined with the hammer on the daily chart, could be a powerful positive signal.
5. Copper. This is squeezing euro shorts and there are some positives for global growth. Less than a 1.5% rise and it doesn’t change the growth picture meaningfully.
6. Germany. Merkel left the Summit without commenting. That says a lot. Germany can end the party with one headline.