Beneath the surface is this scary little ditty: A German bond auction failed today.
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That notion was reinforced by a fairly well-subscribed Italian government bond auction on Thursday.
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Meanwhile, tepid demand at a Spanish government bond auction pushed Spanish bond yields up Wednesday.
Meantime, the EU debt crisis has stabilized for the moment following a somewhat well-subscribed Italian bond auction.
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There was a successful Spanish bond auction overnight and some stronger economic data coming out of Germany.
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Ten-year AAA munis were unchanged yielding 2.26% (98.3% of treasuries) after a weak 30-year long bond auction.
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European stocks are firmer Thursday and Spanish bond yields have fallen after a well-received Spanish bond auction Thursday.
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The market place got another negative jolt Wednesday when a German government bond auction turned in disastrous results.
Monday is an Italian government bond auction, which is expected to be well-received.
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Traders and investors worldwide got another negative jolt Wednesday when a German government bond auction turned in disastrous results.
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The Italian 10-year sold at 6.979% in a mixed though successful bond auction.
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Meantime, the EU debt crisis has stabilized just a wee bit Tuesday following a somewhat well-subscribed Italian bond auction.
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There are only 24 hours to go before we find out, 24 hours before Spain launches its next bond auction.
Also, the much-anticipated Spanish bond auction that occurred overnight was deemed by the market place as decent but not great.
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The much-anticipated Spanish bond auction that occurred overnight is being deemed by the market place as decent but not great.
Spain conducted a dreadful bond auction, in which it was forced to pay 6.975%, just shy of the 7% benchmark.
The cost of borrowing for Italy's government has reached a new eurozone record of 6.29% in its latest bond auction.
There was an Italian government 10-year bond auction Wednesday that was closely scrutinized by the market place to gauge European investor risk appetite.
The Euro currency and European stock markets were boosted Thursday by a successful Spanish bond auction that saw good investor demand and lower yields.
Italy's government paid an interest rate of 6.47% to borrow 3bn euros for five years at a bond auction, up from 6.3% last month.
In overnight news, Italian bond yields fell to a 2.5-year low at the latest 10-year bond auction as investors embraced the new Italian coalition government.
An Italian bond auction fetched lower yields than last month, which hints there is some growing optimism the EU debt crisis is at least stabilizing.
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The rise in borrowing costs has prompted worries that the Italian government will also have to pay investors more at its bond auction scheduled for Thursday.
Instead, this week it will deal with anonymous quotes as it tries to raise funds in a Wednesday bond auction amid increasing borrowing costs on its debt.
Availability bias, for example, could apply to the way investors overreact to recent news such as a spike in volatility or a bad European government bond auction.
Japanese bonds broadly finished the day down however, as investors took a step back before a 10-year bond auction on Tuesday and a 30-year auction on Thursday.
However, a report out of the UK showing that money supply is barely moving and a weak bond auction in Italy has put traders back into uncertainty mode.
In overnight news, European stock markets were supported and the Euro currency rallied following a successful Spanish bond auction that produced yields that were the lowest in almost a year.
However, a better-than-expected bond auction in Spain, word that Russia will resume buying EU debt, and talk of an expanded rescue fund across the pond improved the mood a fair amount.
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Some better German economic data and a well subscribed Spanish bond auction Tuesday did support the Euro currency, which in turn put some downside price pressure on the U.S. dollar index.
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