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22 Mar 2013
Forex Flash: Peripheral European bond markets are narrowly mixed today - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that peripheral bond markets are narrowly mixed today and on the week, Italy's 10-year benchmark yield was down 6 bp and Spain's was 10 bp lower.
Additionally, they write, “Greek bonds were the big loser on the week with the 10-year up 75 bp. In the core, notably Dutch bonds fared the worst, rising 12 bp.” Meanwhile, Equities have been heavy too, with Spain and Sweden the worst performing with 3.5% and 2.9% decline respectively, through midday in London. Of note they see that the Italian stock market fared among the best, losing about 0.3%. Given the relative strength of the yen, they feel that the Nikkei was also fairly resilient, despite today's loss. Over the week, it is off 0.33%.
Additionally, they write, “Greek bonds were the big loser on the week with the 10-year up 75 bp. In the core, notably Dutch bonds fared the worst, rising 12 bp.” Meanwhile, Equities have been heavy too, with Spain and Sweden the worst performing with 3.5% and 2.9% decline respectively, through midday in London. Of note they see that the Italian stock market fared among the best, losing about 0.3%. Given the relative strength of the yen, they feel that the Nikkei was also fairly resilient, despite today's loss. Over the week, it is off 0.33%.