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Bond Drubbing Continues As Stocks Surge  Tyler Durden's picture
Spanish sovereign bonds ended the week at all-time record wide
spreads to bunds, pushing back up near 7% yields today before
falling back into the close, and +55bps on the week. This is a
50bps underperformance of Italian sovereigns on the week, while
Spanish stocks notably outperformed Italian stocks on the week
(though faded notably today having been unable to regain
Monday's opening highs). German Bunds also deteriorated notably
relative to Treasuries on the week (the biggest wekly jump in
Bunds-Treasuries in almost 7 months) and while equity and credit
markets reconverged into the weekend - with position-squaring
evident - as the shifts in Swiss rates suggest all is not well
under the surface as repatriation flows drove EURUSD up over
115pips on the week to near its Sunday-night opening highs (amid
a 200 pip range). Finally for all the ebullient US investors, we
note that Europe