Adding Asian insult to European injury we just got the Preliminary HSBC China November PMI reading which posted the first drop since July, tumbling from 51 to 48, which is a 32 month low. Expect risk to be solidly off for the balance of the night... and then the BTPs will resume trading. Only this time they will be accompanied by the OATs which will likely spike to record yields on fears of an imminen French downgrade courtesy of the Dexia debacle.
and diging intop the subindices - not
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