The Phaserl


Equity Friday Follies

from Dan Norcini:

Equities are reeling today as once again Greece ( what a pesky country this is turning out to be as far as markets are concerned) is in the headlines. Apparently, talks between it and its creditors are going nowhere at the moment. That has ginned up fears that it might not be able to avoid default and perhaps leave the euro.

I should note that the yield on the 10 year Greek bond reached 12.49%, a two year high today, while the yield on its 2-year shot up to 26.28%, very near the highest for this maturity ever. Essentially the market is dialing in an increasing risk of default with an inverted yield curve of this degree.

To give you a bit of perspective – the yield on the 10 year German bund hit a record low at 0.047%. Japan’s 10 year fell to 0.305%.

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