Last quote by Christian Lenk
Christian Lenk quotes
At first glance, everyone was looking at the headline that a case for a hike had strengthened. But what came into focus after the speech was that the word 'September' was not mentioned.
I still have doubts about political progress in Spain and negotiations could still go on for weeks. But markets do seem to like what's coming out of Madrid.
The speculation that the ECB might adjust its QE programme is something that is being received excitedly in bond markets.
It would mean that issuers who have large outstanding debt like Italy would stand to benefit.
There's a general correction in the risk-off mood. What we're seeing for now is a relief rally, helped by the ECB suggesting it is there as a backstop.