WHAT HAPPENED? While last Monday’s strong risk-on rally in financial markets was generally ascribed to the news of a possible Covid-19 vaccine, the Merkel-Macron proposal for a EUR 500 billion coronavirus Recovery Fund also seems to have played a role. While government bond yields generally rose, the yield on 10-year Italian bonds actually fell by some 20 basis points to 1.65%. The euro even had its biggest one-day jump vs. the Swiss franc since 2017.
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