News Headline Summary
Stocks in Europe are set to open in flat, though the sentiment is expected to be driven by the price action in the bond market where market participants are yet to digest the downgrade of France and also await further developments in Portugal...
Analysis details (07:48)
- Late on Friday, Fitch downgraded France to AA+ from AAA; outlook stable. This morning, FR/GE 10s wider by 3bps.
- Opposition leader Alfredo Perez Rubalcaba called for the immediate resignation of Spanish PM Rajoy and warned that his refusal to stand down was causing incalculable damage to the country. His call was echoed by other opposition leaders. Although PO/GE 10s wider is flat at 589bps. As a reminder, PO/GE 10s spread widened by over 60bps to 620bps, widest since Dec-12 levels.
- Overnight in Asia, Chinese GDP for the Q2 came in at 7.5%, in line with exp. China Stats bureau said the economic slowdown is partially a result of slowing potential productivity and is also partially due to deliberate efforts of structural reform.
15 Jul 2013 - 07:37
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