It seems that markets cannot get enough of regional central banks and their stimulus drug and when one supplier says there is no more, they look around for...

It seems that markets cannot get enough of regional central banks and their stimulus drug and when one supplier says there is no more, they look around for someone else to provide the supply. As such, US sharemarkets are at all-time highs and European debt is at all time lows. Indeed, at one point overnight, the yield on Germany's 10-year bund traded through 0.9%, while yields on paper with maturities of one to three years were all negative. The ECB next meets on September 4 and market expectations are building about a stronger policy response, however, it may be the case that the ECB will want to see more data before initiating an historic program, even though they have appointed Blackrock overnight to advise on a program of asset-backed security purchases. Overnight report available here: (VIEW LINK)