[BUNDS/GILTS] slipping to
By[BUNDS/GILTS] slipping to new, albeit marginal lows for the day at
127.97/121.27 (-91 and -56 ticks resp) around the time that comments from
ECB's Wellink hit some wires and essentially underlined that the CB is in
exit mode, albeit gradually (ie further liquidity withdrawal). In truth
there is so much going on that to say these headlines were the catalyst
may be wide of the mark with the German Econ Min also referring to the
earlier and record breaking Nov Ifo survey (climate and expectations
components) as evidence that the Eurozone's growth engine is on a
self-perpetuating recovery and more broad-based. He claims the country is
racing towards full employment, while another EMU leading indicator –
Belgium's Nov [BUS CONFIDENCE] is also stronger than expected at 0.8 from
-2.8. The problem is not all the Eurozone economies are showing such
buoyancy and the periphery is still waiting for austerity to bite
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