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Daily Insights 

April 21, 2015

Asian equity rally resumes as dollar strengthens

  • The Greek government has demanded state bodies to transfer cash balances to the central bank as default fears grow. This decision was reportedly in the pipeline and confirms our latest public finance analysis. The euro extended its losses, Greek equities are down more than 3% while Greek 5y bond yields surged above 19%. Italian equities are also lower, down almost 1%, while the Eurostoxx has retraced most of this morning’s rally. Spanish and Italian spreads are marginally wider. EU officials have played down expectations of an agreement at this week’s Euro Group (24 April). While we maintain our baseline of a muddle-through scenario, we think that the risk of an accident has increased as both sides reportedly stand firm on their positions.
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