The darkness is spreading (eller ska det sprätta upp i eftermiddag igen?)

Spanska bondspreadar till rekordnivå idag.

Och BCA (de som kom på begreppet debt supercycle för flera decennier sedan) redovisar varför det ser mörkt ut framöver:

1. Our Credit Cycle Leading Leading Indicator suggests that economic data releases will

continue to disappoint over the summer

2. German bond yields are now further from those in euro neighbor France than those
in non-euro neighbor Switzerland

3. Euro area banks’ reliance on ECB funding is now the highest on record

4. Further declines in the IFO index will confirm a spluttering German engine and pressure on the DAX

5. In the U.K. housing market, new buyer interest has softened relative to new seller interest