Photo: coda on flickr
Is this what it looks like when animal spirits finally get unleashed? It appears that the desire to take a chance is coming back.Optimism seems to be breaking out all over the place.
- Eurozone sentiment has risen for the first time since March.
- German retail investors are said to be flooding peripheral markets again.
- Institutional investors in Germany have had a sharp turnaround in their overall view of Europe.
- Northern Europeans are finally calling up about buying Greek villas.
- The DAX is up 22% this year (outperforming the NASDAQ).
Mario Monti’s decision to do “whatever it took” to save the Euro is being seen as more of a gamechanger of anything that’s come before it. There are still crises aplenty (especially on the growth side), and politics could still derail everything in a short period of time, but for now there’s excitement.
As a counterpart to the enthusiasm, see Wolfgang Munchau’s latest in the FT, on how Bundesbank chief Jens Weidmann may have lost the battle over ECB bond buying, but could still win the war in terms of turning the public in Germany against the ECB and even the euro.
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