Investors have been complaining about the Spanish bank bailout’s lack of effectiveness all week, and markets have—at least, for most of the time, been reacting negatively.
But suddenly, the situation in Europe doesn’t look half bad, at least not in the markets.
Italy is soaring higher, with the FTSE MIB up more than 2.3 per cent:
Photo: Yahoo Finance
Spanish yields have fallen dramatically. Check out 10-year yields, for example, which are down 9 basis points today to 6.8 per cent:
The move in Italian yields is even bigger—they are off 15 basis points, falling below 6.0 per cent.
Even the euro has gained strength since early this week, now trading above $1.26:
True, this all could change with the Greek elections this weekend. But at least right now, things really don’t look so bad.
MORE OPTIMISM: 6 Reasons Why Spain’s Bank Bailout Plan Is Awesome >
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