"Great chart from Morgan Stanley, showing that for the first time, German yields are moving up along with everyone else's.
If this trend continues it's a huge deal, since it means that Germany is no longer a special intra-Europe safe-haven, where yields improve when everyone else's get worse.
The fact that yields have been moving higher strongly suggests that yesterday's German bond auction failure was not merely a technical matter, but rather a reflection (even if only a little bit) that credit risk is creeping into Germany, which would be: a big deal..."
at http://www.businessinsider.com/the-clearest-sign-yet-that-something-has-changed-in-europe-2011-11?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29#ixzz1eegSTBNP
If this trend continues it's a huge deal, since it means that Germany is no longer a special intra-Europe safe-haven, where yields improve when everyone else's get worse.
The fact that yields have been moving higher strongly suggests that yesterday's German bond auction failure was not merely a technical matter, but rather a reflection (even if only a little bit) that credit risk is creeping into Germany, which would be: a big deal..."
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