Risk on or short-covering?

London Open Update Risk on or short-covering? The markets are in buoyant mood as we start the week. Stocks are higher for the second session in a row in Europe and EURUSD is testing 1.3350. While stocks and risky FX are higher, European bond markets are interesting to observe. German and Belgian bond yields are higher, while Italian and Spanish yields are lower, French yields are roughly neutral. Themes: What does the bond market tell us? Firstly, those markets are expecting some form of

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