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Greece may have an ongoing issue or two, but that didn’t stop its government debt rallying 274 per cent in the second half of last year. Clearly, the driver was the reduced likelihood of it leaving/being kicked out of the eurozone, rather than the (dismal) economics.
Gabriel Sterne at Exotix says the run was one of the “most astounding sovereign bond rallies of all time”, but that the bonds are now over-bought. The declining possibility of a Grexit, he says, is more than fully priced in (his emphasis):
Continue reading: Greece’s fragile bond rallyWhat should we make of this? The CBOE VIX, the barometer of choice for those monitoring market volatility, dropped like a stone between Xmas and New Year. And the trend has continued in the days since…
Continue reading: The vexatious VIXLive markets commentary from FT.com
Continue reading: US Markets Live
Letter from Lex – partygoers’ toolkit
A combination of things one needs to survive the Christmas party season: food, drink and energy