The Spanish 10-year bond yield has not only been the most relevant barometer of the euro-zone crisis, as it unfolds, but is now a key measure guiding global asset managers' hedging and investment activities.

IDEAglobal's core view since May has proven quite accurate on the Spanish 10yr yield. TP&V, IDEAglobal's new product, correctly forecast a dramatic rise to 7.75% 10yr yields from 6.20% (May 23^rd).

TP&V now forecasts that European markets have just entered their "most dramatic and volatile period" expected to last through November. IDEAglobal outlines the key views for August below and you can obtain further forecasts for September and beyond by emailing IDEAglobal: TPV@IDEAglobal.com. 

• Spanish 10-year bond yields (now 6.87%): TP&V now sees a rise to 7.35-7.50% the August 8^th-14^th period and then a move through the "pre Draghi" highs to 7.75% by the August 22^nd-25^th period (+/- 2 days).
• Italian 10-year bond yields (now 5.89%): A move higher in 10yr Italian yields above 6.50% by the August 22^nd-25^th period.
• Euro Stoxx 50 index (now 2432): to experience a very volatile period with a net fall of 10% by the August 22^nd-25^th period (+/- 2 days).
• European Bank Index (SX7P, now 137): to fall by a minimum 10% before the end of August and a maximum of 15%.
• EURUSD (now 1.2360): to depreciate to new lows for the year below 1.19 level by the August 22^nd-25^th period (+/- 2 days).

Please note that the above dates represent the middle of a 3 day period around which the TP&V model suggests these targets can be achieved, please see "how to use" below.

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