In yesterday´s referendum, Scotland decided to remain in the United Kingdom after the independence referendum questioned the 307 years lasting union. Although not all votes are counted yet, both BBC and Reuters believe that the result estimates will correctly anticipate the final outcome. Hence, financial and political turmoil could be averted, as indicated by the relief rally in GBP currency crosses this morning. In Europe, Spanish and Italian banks were allotted almost half of the first TLTRO´s total of EUR 82.6bn, with Banco Santander and Unicredit taking on EUR 3.6bn and EUR 7.8bn, respectively. However, since the total size of the TLTRO fell short of expectations, market participants now expect more pronounced outright action by the ECB, which resulted in slightly higher benchmark bond yields and generally lower credit spreads.
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