Friday, July 29, 2011

Trading Mixed in Europe Ahead of U.S. Open

Not much action in Europe as the holiday season approaches. After a rough year, investors seem eager to lock down positions and wait for the closing bell at the end of the month.

In London, Treasurys are somewhat weaker, but trading is thin. The dollar is weaker, with the euro at $1.3162 and the dollar at 83.42 yen. Major bourses are little changed.

The peripheral euro-zone area continues to rattle the cages, a bit. The spreads of Portuguese, Greek, Irish and Spanish bond yields against similar German bunds are modestly wider.

All in, most folks are looking for Santa. Expect more of the same in New York, with a modest upwards tilt.

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