Japan? ECB? Bonds?

We do not know if it will be Japan’s earthquake & nuclear panic, the new measures from the ECB or the increase of reliance on bonds, but what it is clear it’s that we are witnessing a great performance during last week. As the change in yield graph below shows (Yellow: Spain, Italy:Blue, Belgium: Purple, France: light blue and Germany in grey. In dots the yields one week ago).

The Spanish downgrade, seems to haven’t affected the Kingdom which continues with a great performance in the last days. Today Spain opened its 10yrs Benchmarks pay 31 cents more expensive than yesterday's close (to 102.20 crossed the first orders in the Spgb 5/05 4/21).
Great Rally today from Germany (The main up performer) which pull the rest of European countries (Apart from Ireland and Greece). Portugal ran 5 bps.

Futures also breaking yesterday´ s closings by 20 ticks.

Incredible moment that we are witnessing these days on the market side.
Have a good one.
BdG