Photo: Deutsche Bank
Original post 4:20 AM: The US has a day off, but that won’t stop the rest of the world from staging a nice rally.Ahead of a meeting to approve (perhaps) the next big bailout for Greece, markets are booming.
The Italian market is up 1%. Athens is up 2%. France is up 0.6%, as is Germany.
Peripheral yields are dropping modestly.
Other than the imminent Greece-related meeting, the big news of the weekend as the reserve requirement ratio cut in China, though interestingly the Shanghai Composite barely gained today.
Update 7:20 AM: The headlines out of Europe continue to be mostly positive, hinting that at some time today European countries will confirm the next bailout for Greece. The rally is persisting. Italian 10-year yields have fallen to their lowest level since October. Greece has given up a bit, as the market is now only up 1%. Still, the mood is generally good.