Overnight

Spain sold the debt they aimed to sell, the controversial 10 year auction was not pretty, the yield came in at 5.74% vs 5.4% in Jan, the highest yield in 5 months and the 3rd highest 10 year for Spain ever. The Ibex market is getting hit hard, Financials are leading he way down.

In fact part of the disappointment with the auction is close to something I mentioned yesterday, I said I wouldn't be surprised if the auction was cancelled at the last minute. Apparently analysts expected Spain to try to raise much more than the $1.42 bn they auctioned off, so it does appear they may have put up less for auctioned than initially planned.


ES as mentioned last night, popped in to the auction and then, well you can see what happened after 4:30 a.m.

Italian 10-year bonds have moved up to 5.59%, Spanish 10 year are at 5.9%,  credit remains off across Europe, Equities and Credit  are especially off in the Spanish market.

In the US, Initial Claims miss again...

Prior	Consensus	Consensus Range	Actual
New Claims - Level	380 K	365 K	350 K to 375 K	386 K
4-week Moving Average - Level	368.50 K			374.75 K
New Claims - Change	13 K			-2 K

This is the 9th miss in a row. Last week's 380k print has been revised higher, as usual, to 388k.

We have more data at 10 a.m.