Daily Note – Grexit again?

Grexit again?Summary:

Greece still to the fore

Eurozone: German investor confidence stabilises in April

United States: DuPont blames dollar for soft sales


Good morning from a sunny Manchester,

Here doing interesting client visits with Woodford Funds and the only topic on macro conversation is Grexit. So let’s talk Greece

Greece will obviously drive the European markets in the near term, with every indication that the stand-off will extend well into May. In the sovereign bond space, the fallout from a Greek exit would be managed by the ECB stepping in to buy paper much more aggressively than it has done up until now under the existing €60bn/month QE programme.

Certainly more of the core market paper will go negative in yield, and there will not be a repeat of 2012 and periphery yields will also ultimately go lower.

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Global Macro-Daily Note 22nd April 2015


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