10% rise in the dow over the last few days, well it was to be expected after the battering its received over the last few weeks. Any good news is market moving news at the moment, with a good bank of America statement and slightly better data giving a positive tone to the session.
As far as the bond markets go, we went higher today, with the UK gilts still outperforming bunds with the Gilt repurchase program. All eyes still on how much further the Ecb will go, the US and Uk have pretty much reached a floor, but Ecb still have more room. But they have always been more conservative, and in my opinion they desperately dont want rates to go to the levels of the UK or US. They keep going on about price stability and all that rubbish and not addressing the real issues which is an economy in total ruins. But I guess time will only tell who was right.
Euribor spreads were slightly on the rise today, with front Mar10-Jun10 moving from 16s to 17s. There was good volume in the STIR today, but schatz and bund volumes continue to be significantly lower then a year ago. Alot of big players out of the game? Reduced exposure? Anyone's guess.
Tomorrow expecting the same type of day. Relatively calm with good opportunities.
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