9 days ago • Posted by Paul de La Baume

#Stocks surge! on bad #news. #Stoxx50 $SPY $QQQ #charts

Stocks continued to advance Friday morning as bad news accumulated for the economy, showing a deceleration, but perhaps not as bad as some feared. Germand Ifo business climate index fell more than expected showing the toll the backdrop of rising rates expectations and Chinese lockdowns is having on the largest European economy. Meanwhile retail sales in the UK, month-over-month fell 0.5%, less than feared. German 10-year bund yields continued to fall, down 3bps to 1.41%. European stocks advanced with the Stoxx50 soaring 1%, but still down close to 5% since the start of the month.