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European Stocks Down On Debt Concerns
11/30/2010
European stocks are down on more debt concerns; Spain has 85B euros ($111B) of debt to roll in 2011, and with yields surging, Europe’s 3rd largest budget deficit may have a difficult time doing so. US stock futures are lower, Treasuries and mortgages are rallying. ADP is scheduled for release tomorrow and Nonfarm Payrolls for Friday with consensus of +70K and +145K, respectively. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates between 0% and 0.25% through March 15th, 2011. Currently, the Ten Year yield is at 2.76% (2.83% yesterday) and the 2-10 yield spread is at 228bps, flattening 3bps since yesterday morning.
