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The optimism in Europe that something is about to happen continues.Starting late last week with comments from Mario Draghi, there’s been a hope that the ECB, or some other entity in Europe would make concerted action to reduce borrowing costs along the periphery.
Nobody knows if there’s anything real, but borrowing costs in Spain and Italy continue to fall.
The Spanish 10-year yield is down to a still super-high 6.56%. It was around 7.6% in the middle of last week.
The Spanish stock market is up about 1.5%.
Italy is having a huge day, as the benchmark FTSE MIB stock index is up 2.4%.
Banks are doing particularly well.
Germany is up just under 1%.
Meanwhile, US futures remain a tad negative.
As we explained here, thanks to a slew of economic data and central bank meetings, this is going to be a huge week for the global economy.