- UK FTSE -1.5%
- German DAX -1.1%
- French CAC -1.4%
- Spain IBEX +1.2%
- Italy MIB -0.3%
The short-term bond market is massively front-running the expected ECB periphery bond-buying plan in Spain and stocks are along for the ride.
I can’t help but think that this is a classic buy-to-rumor-sell-the-fact trade. When the failed history of the euro is written, there should be a chapter on the inability to keep secrets.
