The German IFO Fell Back Weighing on DAX

Italian markets continue to underperform as the general election comes into focus while the Italian central bank buys back bonds. Spanish bond as well as stock markets meanwhile outperformed again. The FTSE 100 is also up on the day, while the DAX dipped on a weaker than expected Ifo reading and as the EUR is once again above 1.18 against the USD. The Portuguese curve continued to benefit from the ratings upgrade late last week and yields are down again with yields falling further below Italian equivalents. Comments from ECB officials meanwhile continue to show growing pressure on Draghi to shift to a more hawkish guidance on the policy outlook.

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