Commodity Prices Surge as ECB may Act to Calm Sovereign Woes

Market sentiment improved markedly yesterday with Wall Street and European bourses rallying more than +2%. Sovereign concerns in the European periphery eased amid speculations that the ECB will expand the bond program to buy peripheral debts. We expect discussions regarding the issue at the ECB press conference today. Peripheral yield spreads contracted significantly and German bunds slumped. Commodities strengthened as driven by rise in risk appetite.

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Commodity Prices Surge as ECB may Act to Calm Sovereign Woes