Monitor: Euro debt crisis watchMonitor: Euro debt crisis watch
Източник: Danske Bank
- Sunday night the EU, IMF and ECB announced bold measures to stabilise the financial markets (see Flash Comment - EU agreement to combat crisis).
- ECB has been purchasing Greek, Portuguese and Spanish sovereign debt in the secondary markets this morning. PIIGs spread is narrowing significantly. The spread between 2-year Greek and German yield has narrowed more than 13%.
- Risky asset markets are in a massive relief rally. Global equities surging across the board. Southern European indexes leading the way gaining about 10% on the day.
- Bank equities are recovering sharply and default protection is cheapening. In covered bond markets, asset swap spreads tightening.
- The euro has recovered with EUR/USD rising to 1.30 after being briefly below 1.26 during Friday.
- Money markets tensions are easing and swap spreads are tightening .
- Emerging markets currencies are recovering. Volatility is on the decline in all markets.
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Danske Bank
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