Bond yields down across virtually the whole of Europe

  • Italy -0.047 to 3.868%. -1.2%
  • Spain -0.067 to 4.113% -1.6%
  • Portugal -0.135 to 5.71%. -2.31%

Can’t see it as the main reason for the rally but maybe for underpinning the euro today.

Portuguese bonds down to the lowest this year while Italian bonds still continue their fall through 4%.

A lot is hinging on whether the ECB is going to pull out a growth bomb at this meeting. They’ve put the back stop in place, which has caused rates to fall, and now Draghi needs another master stroke.