Daily Note – The Big Short?

The big short?Summary:

The Premiership and the bond market

Eurozone: German confidence accelerates

United States: Durable goods rebound

The Week ahead: FOMC to the fore

Good morning.

Hope you had a good weekend. Thank God the awful Premiership will be over soon and those of us who like the game of football as it could be played will not have to suffer this over-hyped, tribal dross for a least a few months in the summer.

The Premiership with its top five clubs and then twenty of “also-rans” reminds me of the Eurozone bond market. At the top there are the core markets, which are always winners and then there are the peripheral markets – the Aston Villas of sovereign bonds that tend to jostle for position under the top tier.

Sometimes there is convergence – as there is in mid-season in the Premiership when the weaker teams notch up a few victories and the results suggest that there might be a breakthrough from the peripherals – but then by the end of the season normality is restored with a wobble, a sell-off or a change of sentiment and the top dogs head back to the top of the table.

 

Download a FULL PDF version of the Daily Note:

Global Macro-Daily Note 27st April 2015

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