Список проголосовавших за комментарий " European Summary<p><strong>French/German Spreads Narrow on French Election Relief</strong></p><ul><li>Safe-haven European government bonds including German and U.K. debt are moving sharply lower today in the wake of the pro-euro result to the first round of the French presidential election, held on Sunday. Bonds of France and the eurozone periphery, meanwhile, are trading sharply higher as the eurozone appears to have dodged a meteor as Emmanuel Macron and Marine Le Pen advance to the second round of voting, scheduled for May 7. National Front candidate Marine Le Pen had previously promised to withdraw France from the single currency bloc and, had she faced a weaker candidate than Macron in the second round, she may have gained the means to do so. Macron is seen as even more likely to prevail against Le Pen than center-right candidate Francois Fillon and Communist-backed Jean-Luc Melenchon. Macron now polls around 60/40 or better against Le Pen for the run-off round. The euro is trading higher ($1.14% to $1.0849) and it's probably now or never for a sustained rally in the single currency. Several tests have been made of the $1.05 level — in early 2015, late 2015, and late 2016 — but all attempts to reach parity with the dollar have failed. In economic data releases, Ifo's Business Climate Index climbed by more than expected for April. Investors and economists will closely scrutinize the hard economic data in the wake of today's vote and the one on May 7 to determine if the recent improvement in growth continues </li><li><strong>New Issuance:</strong><ul><li>Italy tapped a 2-year CTZ for EUR2.0 bln at an average yield of -0.075% with a bid-to-cover ratio of 1.70</li></ul></li><li><strong>Economic Data:</strong><ul><li>Germany's Ifo Business Climate Index rose more than expected to 112.9 for April from 112.4 in March<br/> <ul><li>The Business Expectations Index unexpectedly fell to 105.2 from 105.7</li><li>The Current Assessment unexpectedly jumped to 121.1 from 119.5</li></ul></li><li>In the U.K., CBI Industrial Trends Orders fell more than expected to 4 in April from 8 in March<br/> <ul><li>The Rightmove House Price Index was up 1.1% m/m in April (1.3% prior)</li></ul></li></ul></li><li><strong>Yield Check:</strong><ul><li>France, 10-yr OAT: -7 bps to 0.85%</li><li>Germany, 10-yr bund: +9 bps to 0.34%</li><li>Greece, 10-yr note: -20 bps to 6.36%</li><li>Italy, 10-yr BTP: -8 bps to 2.21%</li><li>Portugal, 10-yr PGB: -9 bps to 3.64%</li><li>Spain, 10-yr ODE: -8 bps to 1.62%</li><li>U.K., 10-yr gilt: +6 bps to 1.10%</li></ul></li></ul>"