We didn't get a real turnaround Tuesday, but still equities managed to have a better session over night in Asia, which is somewhat in contrast with how markets have been trading on Wednesdays lately. Further as the arguments for the over night rally seems thin, I am sceptical on the move.
In bunds the resistance yesterday held and the charts does look a little scary on the downside if I am wrong about equities today. The MNS report yesterday on ECB (only 50bp and reluctantly - not a surprise), poor performance in 30 yr bunds and slightly better intra EU govies spread have put pressure on bunds from the morning. Support 124.70 and 124.35.
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