Whatever transpires from the ECB corporate bond buying rumours the stock market is taking it as a done deal and we’ve gone out right on the highs.

  • FTSE +1.7%
  • Cac +2.3%
  • Dax +2.0%
  • Ibex +2.3%
  • FTSE Mib +2.4%

European bonds

  • Italy 2.51% -8bp
  • Spain 2.21% -5bp
  • Portugal 3.41% -7bp
  • Germany 0.874% +2bp

I suspect it will all end in tears come the November ECB meeting whereby if Draghi doesn’t give the appropriate answers to the countless questions he’s going to get, stocks will tank. That’s if someone hasn’t quashed it all good and proper in before then. Either way it stinks of the ECB leaking the news as a warning sign of things to come.