Key Data Points
German 10-year Bund yield down 6 bps to 1.37 percent;
France 28 bps tighter;
Italy 9 bps tighter;
Spain 10 bps wider;
Belgium 21 tighter;
Portugal 5 wider;
Ireland 3 wider;
Greece 113 wider;
Large Eurozone banks flatish to slightly higher;
Euro currency down 1.7 percent against U.S. dollar;
Comment: Euro market x/ currency had a relatively benign week given the ugly headlines. Also note x/Spain and Greece all sovereigns tighter vs. Bund on the year. Looking at this data either our Eurogeddon fears and emotions are exaggerated and wrong or the market is wrong; and/or the ECB is doing a decent job containing the crisis to Greece and Spain, at least for now.
(click here if charts are not observable)
