Asia Unhedged | European markets down marginally, French-German 10-year spread widens
Alain Juppe said he won't run for French presidency. Photo: AFP, Georges Gobet
Alain Juppe said he won't run for French presidency. Photo: AFP, Georges Gobet
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European markets down marginally, French-German 10-year spread widens

German industries gained nearly 1%, but Banks fell with Deutsche Bank down 2%, French and Italian banks down half a percent.

March 7, 2017 9:08 PM (UTC+8)

The euro rose earlier this morning after the daily Opinionway poll showed a 1% decline in support for Marine Le Pen (from 27% to 26%) and a corresponding gain for the right and center in the April presidential first round, but was unchanged as of 6:30.

European stocks were down marginally. German industries were up by nearly 1% led by Daimler, Volkswagen, BMW and BASF, balanced by declining banks, with Deutsche Bank down another 2% and French and Spanish banks down half a percent. Italy was down marginally with banks weaker and industrials rising.

The French-German 10-year spread widened 3 bps to 65.4 bps after Alain Juppe declined to try to replace the scandal-ridden campaign of Francois Fillon. The Italian-German spread was 3 bps wider at 184.4 bps.

German factory orders unexpectedly fell 7.4% in February (consensus -2.5%). The volatile series still shows a rising trend.

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