Closing changes for the main European bourses:

  • UK FTSE -0.9%
  • French CAC -0.9%
  • German DAX -0.6%
  • Spain IBEX -0.9%
  • Italy MIB -0.7%

The bond market continues to rally on hopes for QE.

  • German 10-yer yields down 6 bps to 0.72%
  • French 10s down 6 bps to 0.97%
  • Italy 10s down 3 bps to record 1.94%
  • Spain 10s down 5 bps to 1.78%

I can’t fathom a reason to buy bonds this cheap unless you think you can sell them to the ECB later.