The Automatic Earth: Nov 9 2011, Fighting like Cats in a Sack (Euro woes, US underwater & China bust looming large)

The Automatic Earth: Nov 9 2011, Fighting like Cats in a Sack (Euro woes, US underwater & China bust looming large)

Italian bonds capitulated Wednesday, with yields soaring across the curve to hit euro- era highs after clearing house LCH.Clearnet SA made it more expensive to trade the country's bonds, blunting initial optimism that followed Prime Minister Silvio Berlusconi's decision to step down. The yield on the benchmark 10-year bond soared by 45 basis points to 7.12%, according to Tradeweb, above the psychological 7% mark that prompted Greece, Ireland, and Portugal to seek external assistance as funding costs became unsustainable. More alarmingly, shorter-dated yields rose at an even faster clip, with the two-year yield climbing 96 basis points to 7.11%. The yield on treasury bills due in a year's time breached 6%, an ominous sign ahead of Italy's EUR5 billion sale Thursday. The flight to safety helped core bonds recover, with the December bund futures contract rising 26 ticks to 13...

Full article: http://theautomaticearth.blogspot.com/2011/11/november-9-...

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