Key Data Points
German 10-year Bund 3 bps higher;
France 5 bps wider to the Bund;
Belgium 7 bps tighter;
Ireland 25 bps tighter;
Italy 27 bps tighter;
Spain 27 bps tighter;
Portugal 40 bps tighter;
Greece 165 bps tighter;
Large Eurozone banks weekly change, 0.61. to 13.45 percent;
Euro$ down 0.41 percent.
Comments
- Italy, Spain, and Ireland sovereign spreads over the Bund at lowest weekly close since beginning of the crisis;
- The European Central Bank delivered an emergency quarter-point cut in interest rates– but president, Mario Draghi, cautioned governments in the recession-hit eurozone against “unravelling” their austerity policies. – Heather Stewart, Guardian;
- The European commission warned the recession will be deeper than previously feared this year, reducing its outlook for crisis-stricken Cyprus and downgrading the prospects of the biggest economies. – Katie Allen, Guardian;
- Final Eurozone Manufacturing PMI moved to a 4-month low of 46.7m contracting for the twenty-first successive month;
- German output contracted for the first time in 2013;
- All national PMIs signaled contraction;
- Germany’s DAX stock exchange closed at its highest ever level.
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Eurozone recession bites deeper – economy
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