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Waiting For Godot

Yesterdays market movements strongly remembered me about the play written by Samuel Beckett. We re stuck in sitting and waiting for a person (in fact we re waiting for an event) which we don t really know too much about and its outcome.
What we observed was a –compared to last week- relatively boring day in equities  with only 1% intraday moves which resulted consequently in a collapse of vol & skew. Equities closed in green territory supported by Googles $ 12.5 bln bid for Motorola Mobility Holdings.
The Euro gained reflecting both unwinding of safe haven trades and optimism ahead of the German French talks today. Bunds & Gold traded relatively stable while CDS levels widened slightly. So overall mixed signals what people are expecting from Godot´s arrival even if we feel that there s some optimism that an announcement will hint into the direction of Eurobonds as pressure rose to present a sustainable solution for a still burning European debt crisis, which finally spread into core Europe.
Many experts say the only way to ensure affordable financing for Europe’s most financially distressed countries would be to issue joint Eurobonds and some even say that the euro zone faced collapse unless leaders went beyond an agreement reached at the last emergency summit on the debt crisis in July.
Despite the risk of causing disappointments both, France & Germany are trying to manage expectations as the German government sees no major breakthrough at the Paris talks, a spokesman said on Monday, while the French president's office said the creation of common euro zone bonds will not be on the agenda which would close the circle to Becketts play as the characters are waiting in vain for Godot´s arrival.
We ll see if we re facing the same destiny at 18:00 cet.