Europe pledges to save itself for the weekend, and hopefully through the summer holiday. Everything is green except treasuries. Overwhelming expectations of bad news was not the trend to follow though the half-life is unpredictable. We’ll let the leaders pat themselves on the back for a while and watch the press fall over themselves atleast through the weekend. The details will start to bring back the sceptics.
On the surface, direct bank-recapitalization will free up pressure on the sovereigns and consensus from the EU to ‘boost growth’ should keep the market happy today.
Gold Futures are trading up +1.27%
CAC40 is trading up +2.13%
Oil Futures are trading up +2.39%
The S&P Futures are up +1.2%
The EURUSD is up+1.08%
Japanese housing starts were up +9% after beating expectations of +6.6%