Thus far, the pin action is tepid, mainly because no one takes anything seriously anymore and also because it was expected. Nasdaq futures are off by 0.7%, DAX and CAC futures are down by 0.75% and 1.06%, respectively.
On the upside, gold is surging by 0.6%, as the euro gets clobbered by 1%. This is significant because dollar strength usually means gold weakness. But in this instance, the dollar strength is more representative of risk off instead of faux hyperinflation.
Both WTI and copper are lower by about 0.7%.
In light of the referendum defeat, I think it’s important to monitor the spreads between German and Italian 10yr bonds. Right now, German yields are edging lower — while Italians are rising. The moves are not noteworthy at the moment, with spreads at 163bps.
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damnz… most boring referendum reaction ever
QuItaly not like Brexit reaction. *yawn*.
The lack of reaction is most likely the warning. The coming EU civil war/revolution should be epic. Completely unarmed citizens vs god knows what. Fucking Europeans.
You better do a piece on italy bank capitalization. This reaction inapplicable. Waning bank insolvency now becomes the center point
I love it. Today market is saying one thing loud and clear. Fly and you guys are on the wrong side for at least the rest of the year. Loud and clear. May God help you.