Ø Its party time ! DJIA +5.8%, S&P +6.37%, NSDQ +7.07%. Biggest rally of the year J
Ø Citigroup jumps a massive 38% after announcing it is having the best quarter since 2007. S&P Financials Index rebounded 16%: JPMorgan +23%, Bank of America +28%.
Ø General Electric rises nearly 20%. The cost of protection against default of its financing division fell to the lowest level in 7 days after the company sold $8 bio of government backed debt.
Ø The VIX volatility index dropped 11% to 44.37 (lowest point in a month).
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Ø Chinese exports slumped 25.7% from a year earlier, indicating growth could slow.
Ø Crude oil remains stable @ $45.74. A report today could show that inventories rose as demand has weakened. Oil imports to
Ø Gold under $900. Global equities rally has reduced the appeal of gold as an investment haven.
Ø € weaker vs $ (1.2640) on speculation that ECB member Liikanen may signal, during a speech today in
Ø 10-2 yr spread @ 135bps. 5yr CMS @2.75%, 3yr CMS @ 2.30%.
Ø European markets open lower. Party over !? L
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