It was a good day to doubt the wisdom of crowds on Monday. It started normally enough, with Chinese shares having a dire day on the back of some dismal economic data.
Germany woke up to even worse purchasing managers’ indices, showing manufacturing and services both shrank, and were both worse than expected. The eurozone slowdown is hitting the German core.
But markets had the opposite reaction. Equities stormed ahead, as did peripheral bonds, as investors bet that trouble in Germany would push the European Central Bank to take more action. Spanish 10-year bond yields tumbled 21 basis points to 4.26 per cent, while French shares had their best day since last August, as big banks jumped 7 per cent.
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