• As the euphoria of an EU deal settles, skepticism and concern over the details prevail. A large gap exists between how debt market participants view the deal fall out and equity market reaction. From the Wall Street Journal.
• In an immediate reminder that there is more work to do in European markets, Italian 10 year bonds moved through 6% today in the latest auction round. The 6.06% 10 year yield compares with 5.86% last month. From the Financial Times.
• Germany’s Angela Merkel’s stamp on the deal EU deal struck this weekend should help to solidify her base. Merkel got much of what she wanted out of the deal. From Bloomberg News.
• Scrutiny on the U.S. deficit super committee is heating up as the November 23 deadline nears. Initial offers from Republican and Democratic members have been rejected. The gap in the approach on taxes in reducing the deficit is enormous. From the Wall Street Journal.