The Dax, particularly, reversed the poor ZEW data but Portugal and Yellen have aided to see stocks close out with some sizeable losses. One thing I will note is that Portugal’s PSI index was only down 24 odd points in the moments after the Espirito news came out. That suggests a split in view between what could happen and what Yellen has said today. For all the headlines the amounts at stake in the Espirito problem shouldn’t be rocking the market this hard.
- FTSE -0.5%
- Cac -0.8%
- Dax -0.6%
- Ibex -1.1%
- FTSE Mib -1.3%
- PSI 20 -0.9%
European bonds
- Italy 2.85% -3bp
- Spain 2.71% -6bp
- Portugal 3.81% +1bp
- Germany 1.21% flat
