The Early Rally Is Melting Away, As The Brand New Bailout Ideas Emerge

It’s EU Summit/Greek Bailout day, and so naturally European markets started off with a perfunctory pop, because that’s what one does when a big entity is being bailed out.

But already things are fading somewhat, as details of the rescue (which will apparently focus on bond swapping, and will not include a bank tax) are trickling out.

The euro, which is a fine proxy for all the equity markets in the region, more or less, is taking a steep nosedive right now, after having surged overnight.

Meanwhile, several PMIs are out — and they’re mostly weak — so it’s already shaping up to be a big, noisy day.

Here’s the euro. That big spike about 12 hours ago was when word of the bailout first hit.


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