Macro Morning: All quiet on the Western front

By Chris Becker

The fall out from Fridays good-but-bad US unemployment report was tempered last night as the ECBs new QE program began. The central bank began purchasing Italian and German bonds, with the latter’s 10 year yield falling 9 points to only 0.31% as European stocks fell while US stocks rallied on good corporate earnings.

The Eurostoxx index was off slightly, down 0.2% reflecting the poor mood, except in Germany where the DAX rose nearly 0.3% and then made further gains in the futures market.