Difficult start to 2009

After the last few days the performance in equities are beginning to look like ... well last year

Today we will wait for Mr. Trichet and Mr. Dimon to hear what they have to us from the ECB and JP Morgan. Will ECB deliver more or less than 50bp and will there be any focus on the tension in the EU sovereign bond market.

Bunds will very likely trade near the top end of the Bollinger band in the morning, but maybe settle in a little lower before the afternoons announcement.

In the very long end of EU fixed income we will see if the selling of non-German 30 year bonds will continue to put pressure on that segment again today as this have been a factor in the recent under-performance against the US.