European yields are mostly lower, led by Spain. The Spanish 10-year lost 3.3 basis points today after a successful bond auction and comments from Economy Minister Guindos who tried to re-assure markets that Catalonia’s independence “won’t happen”. Eurozone Retail PMIs moved higher, but didn’t have much impact, while an uptick in Swiss headline inflation still left the annual rate at just 0.7%. SNB President Jordan was little impressed and stressed again that negative interest rates and ad hoc forex intervention remain necessary tools. The Eurozone is awaiting the minutes of the last policy meeting, as Nowotny calls for a slow reduction in asset purchases from next year.