Today's Major Market Move: French Stock Market Gains Over 6% After News of EFSF Expansion

Christmas came early for Sarkozy this year. He got his expanded bailout along with a Greek debt write down 'sans' CDS trigger. The market rewarded him with a 6.6% surge in the CAC 40, making it the 4th best performing equity index globally (of the ones we track) on a day when many indexes were deep in the black.



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Many of the typical whipping boys this year (Hungarian, Ukranian, Greek and Cypriot equities) all had huge up days. However even with today's stellar performance, all of those markets have a long ways to go to get back to even for the year.



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In general it was day for the inflationistas as many commodities surged along with equities. Of the 29 commodity futures we track, only 3 had down days and copper, nat gas and sliver were all up over 5%. Gold, silver and WTI crude have all been making strong moves in the past few days with gold back to 1750, silver now back at 35 and WTI crude at 94 well on its way back to $100 per barrel.



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Over the weekend we are going to add the capability to track global bond and cds prices. It will be very interesting to see how today's events are digested in various markets after the initial gut reaction.