Список проголосовавших за комментарий " European Summary<p><strong>Borrowing Costs Move Higher Across Europe</strong></p><ul><li>European sovereign debt yields are broadly higher today as the tailwind from the Sunday's first round of the French presidential election continues to blow risk asset prices and borrowing costs higher. According to the latest poll, Emmanuel Macron leads National Front candidate Marine Le Pen by 22 points for the run-off vote on May 7. Le Pen has pledged to withdraw France from the eurozone. We noted a few times last week that the German 10-year bund yield was testing its 200-day moving average at 0.17% and a retest of that level appears unnecessary if yields are indeed going higher. In economic news, French business confidence rose to a five-year high in April, even before the vote on Sunday. Economic sentiment has been improving across the single-currency bloc since the Brexit vote last June but year-on-year core inflation remains at only 0.7%, well below the ECB's target of 2% </li><li>Bloomberg notes today that one-month implied volatility for the EUR/USD currency pair has fallen to 8.5% from 13.5% last week. The current level is firmly within the range from the six months leading up to the first round of voting and therefore suggests that the major risk of eurozone break-up has passed. The euro is trading above its 200-day moving average ($1.0841) for the second-straight day, the first time that has happened since October 2016</li><li><strong>New Issuance:</strong><ul><li>Germany sold EUR3.222 bln of 2-year schatz at an average yield of -0.69% with a bid-to-cover of 1.17</li></ul></li><li><strong>European Economic Data:</strong><ul><li>The French Business Survey unexpectedly jumped to 108 for April (105 prior)</li><li>Spain's producer price index was up 6.0% y/y in March (7.4% prior)</li><li>In the U.K., public sector net borrowing jumped more than expected to GBP4.4 bln in March from -GBP0.66 bln in February (not seasonally adjusted)<br/> <ul><li>The public sector's net cash requirement was GBP34.31 bln in March (GBP12.88 bln)</li></ul></li><li>In Denmark, retail sales rose by 0.3% m/m in March, exceeding estimates after 0.1% growth in February</li><li>Sweden's ILO Unemployment Rate fell more than expected to 6.6% in March (6.9% prior)</li></ul></li><li><strong>Yield Check:</strong><ul><li>France, 10-yr OAT: +4 bps to 0.87%</li><li>Germany, 10-yr bund: +4 bps to 0.37% </li><li>Greece, 10-yr note: -2 bps to 6.34%</li><li>Italy, 10-yr BTP: +5 bps to 2.24%</li><li>Portugal, 10-yr PGB: +1 bp to 3.56%</li><li>Spain, 10-yr ODE: +3 bps to 1.64%</li><li>U.K., 10-yr gilt: +3 bps to 1.08%</li></ul></li></ul>"