Bad news is even better news in Europe. "Core" Germany saw its powerhouse economy suffer the biggest drop in Factory Orders since June (-1.3% YoY) missing expectations for the 2nd month in a row - the first consecutive drop since may 2013 (despite German business confidence rising for the 5th month in a row) as apparently devaluing the EU's currency is not encouraging business. The result... DAX futures surging, bond yields tumbling and Spanish bond yields to 6 months are now negative...

Not pretty...

But that's great news for stocks...

And now Spanish bond yields are negative to 6 months... (3month has been negative for a week)

"Normal"...

Charts: Bloomberg