Italy (EWI, quote) and Spain (EWP, quote)  have been on fire to start the near in terms of the macro set up.

italyYesterday the PMIs in both countries surprised to the upside, today’s inflation reading stay lower than northern Europe which helps the European Central Bank (rather not hurting them).

Looking at the bond markets you have an even better set up for both funding their debt burdens and budgets, but also equities.

Italian and Spanish Bonds augur another great year for their stock markets.

ITSPBonds

 Spanish 2yr Note hits all-time lows

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