Since March 2009, however, a narrowing of bond and CDS spreads indicates some improvement in investors’ confidence in the euro area sovereign bond markets.
4  BIS Review 75/2009  Euro area equity markets In mature economies, stock market valuations have steadily improved since early March of this year and the major equity indices both in the euro area and globally have more than recovered the losses of the first two months of the year, while volatility has also declined.