Key Data Points
German 10-year bund 2 bps higher;
France 8 bps wider;
Spain 5 bps tighter;
Portugal 67 wider;
Ireland 66 tighter;
Greece 131 bps tighter;
Spanish and Italian bank stocks 3-10 percent higher;
Euro FX up 0.66 percent;
Commentary
EU Summit announcements do the trick to stabilize markets. Big one day tightening in Italian and Spanish spreads which had blown out earlier in the week but not reflected in the weekly change. Irish spreads come in big on the possibility of a retroactive bailout of the financial sector relieving the sovereign of debt obligations and commitments.
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Global Macro Monitor 