The DAX, which failed to hold the 13000 mark Tuesday has surged to record highs on the day, while Gilts underperformed slightly with a 0.25% gain. And while the Spanish spread over the German benchmark has widened, and is slightly above the average over the past year, it remains far below the risk premia for Italian and Portuguese bonds. The ONS stats office highlighted that inflation-adjusted household incomes are down 0.4% from a year ago in the ex-bonus measure.