Photo: Guy Sie on Flickr
European markets recorded another day of big losses, after poor data from the eurozone and China and fading enthusiasm in the wake of ECB liquidity support measures.What’s more, there’s been some cynical interest in sovereign yields today—an attitude we haven’t seen in a long time. Spanish 10-year yields rose 9 basis points to 5.50% and Italian yields rose 10 basis points to 5.10%.
CAC 40: -1.52%
FTSE 100: -0.86%
FTSE MIB: -1.70%
IBEX 35: -1.57%
Purchasing managers indices for the eurozone fell across the board—for the region as a whole it fell from 49.3 in February to 48.7 in March. Industrial orders also dropped an ugly -2.3 per cent, disappointing investors.
A disappointing Chinese PMI reading—it fell from 49.6 to 48.1 in March—didn’t help matters.
A look at CDS, too, which haven’t fallen as much as sovereign yields since the LTRO (via @ZeroHedge):
Photo: Zero Hedge