• FTSE -0.3%
  • Cac +0.4%
  • Dax +0.4%
  • Ibex +0.6%
  • FTSE Mib +0.9%

European bonds

  • Italy 2.88% +4bp
  • Spain 2.75% +4bp
  • Portugal 3.77% +12bp
  • Germany 1.23% +1bp

The gains today don’t look too encouraging after the falls over the last two days, It’s a tricky situation if you’re inclined to pick bottoms but probably a more comfortable position if you’re short.

The reaction after a big fall is always important. If there’s no meaningful retrace then the odds are the pattern continues. It will be worth watching over the next couple of sessions.

A dead cat bounce