Europe is happy finally that bond buying will come than express disappointment at it not already having started and thigns are much the same as they were..how far back can we go, say 6 weeks. Spain’s restructuring / bailout thru direct EFSF / ESM support is now a political decision and thaankfuly for all its Economic sweetness, it is a confidence booster for equities that Sapin can afford to take time to think or even be obstinate about such a momentous decision others have been won tto convert to a simple welcoming of cash flows.
Asia is also showing character in pushing back on Hot money coming in and more of the money has stayed in the indian markets than play short rallies and leave a hole behind. Of course, not that any of the trade worthy and growing Asia legions are actually banana republics per se.
Bank nifty is only don 112 points. At one point the currency was even moving to midcap and long dead Vijaya Bank looking for wrong excuses to make its own mark int he crowd of traders playing the Rupee trend as it strengthens. Its ugly out there.
YES Bank;’s done magnificently to hold on to 360 and myopic watchers glued to the creen might say it was eventful watching it move from 365 to 363 on Thursdaya nd 360 today, tracking the entire index move in the NIFTY and the BANKNIFTY Kotak’s barely recovered the 550 mark as it probably wants to beat the rupee trade to new benchmark pulp for India’s exports 😀