Jumpstart into Q2 …

Markets jumped out of the gates … Q2 … and more important … a new Japanese financial year …

A weak Tankan report gave the security of low rates …

So carry trades were put on …

Yen lost more than 2% today … and equities were the winners …

Trigger … bad UBS numbers … another 19 bln$ write offs … BUT

UBS, Morgan Stanley and Dt. Bank let blink the light at the tunnel …

UBS were down more than 7% in pre trading … opened unchanged and rallied around 15% to the upside … on a buy recommendation by Dt. Bank.

Lehman were able to place even more of their convertible bonds than planned and rallied around 17%.

The financials rallied BIG TIME as short covering met buying interest.

European indices rallied more than 4% on average … The Dow gained close to 400 pts, the S&P 47 pts.

It will be interesting to see, if we get follow through or whether today was just an APRIL FOOL’s DAY joke …

At the moment, the bears need some pain relievers …

Tags: Deutsche Bank, Japan, Lehman, Tankan, UBS

This entry was posted on Dienstag, April 1st, 2008 at 22:54 and is filed under FDAX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.