Macro Morning: Failure to launch

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By Chris Becker

The inevitable bounce after glorious selling did not follow through in Europe as the financial year and Greece’s fate came to a close last night. While US stocks were bid alongside bond markets, the screens were red across the continent as Germany tightened its grip. Another day of fruitless talks between debtors who can’t pay and creditors who won’t realise their bad decisions.

On the data front, the German unemployment print was flat, and as the only one of consequence in Europe will not give the ECB any further ammunition (vs the 20% plus in Greece and Spain). The EU CPI print was also flat at 0.2% giving the hyperinflationistas in Berlin another sigh of relief.

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