The Banking and Strategy Initiative

Chillin' out till it needs to be funded

US Economy: No honestly, there’s no data reported on Friday, more of Europe. UGH.

EUR 21 bln of Sovereign bonds with EUR 12.5 bln already committed today and the rest coming next week  and European PPI was more than a mite uncomfortable at a high 3.7% Y/Y driven by Oil even as demand goes down and 0.7% M?M., German retail sales contracting despite the Y/Y uptick. Apparently though  France walked away with EUR 8 bln at today’s auctions at a definitely more comfortable 2.5 Bid Cover, Spain did not try for much with EUR 4.5 bln.

Spain apparently tried to score points with Growth gurus like us and Krugman and stoutly opposed the ECB just minutes ago, publishing a new 2012 budget target for a 5.8% deficit target in 2012. One can just hope they do not need the Budget Commisioners to approve another bailout.

 

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This entry was posted on March 2, 2012 by in Financial Markets and tagged , , , , , , , .

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