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  1. Bucking the Trend: positive divergence from Germany - DAX breakout with inflation low and stable over the last months. Most recent CPI reading showed a sequential decline to 0.9% in June Y/Y. 
  2. Greece Is Not Done: Greek 10 YR Bond Yield like Greek CDS price indicates no reduction in risk. (For a point of reference, 5/10 marked the issuance of the €750 Billion European bailout “Band Aid”).
  3. PIIGS: excluding a meaningful breakout in Greek CDS, the remaining proverbial PIIGS show no sign of abatement. We expect risk to heighten as the sovereign debt spotlight continues to move across the continent.

European Call-Outs By the Charts - mh1

European Call-Outs By the Charts - mh2

European Call-Outs By the Charts - mh3

Matthew Hedrick

Analyst