The rumor of a deal published in the Guardian sparked a sharp rally in U.S. equities in
the afternoon. The assertions from the paper of the deal have been denied by both the Germans and French. From the article the point salient point: "The leaders of France and Germany hope to agree..." The deal, should it occur, creates a complex insurance plan outlined in the article but trashed by others as noted here. In the end, it has to be both approved and must work. The devil's in the details as usual.
Now, I'm not smart or close enough to the insiders to know what the real deal is. All I know is the HFTs are "jumpy" and the algos are programmed to jump on any news like this from Europe.
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