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スペインの株式市場は0'19%上昇し、スペインの10年の国債(国家債券)の金利は7'01%に、(破綻寸前?時間の問題?)
El tipo del bono a 10 años supera el nivel crítico del 7% antes de la cumbre europea
El Ibex oscila con pequeñas variaciones respecto a su cierre de ayer
El diferencial con el bono alemán se mantiene sobre los 540 puntos básicos
The rate of the 10-year bond exceeds the critical level of 7% before the European summit
The Dow oscillates with small variations from its close yesterday
The differential with the German bond remains on the 540 basis points
Market trends in real time
Lafont Isabel Madrid 28 JUN 2012 - 17:10 CET
The Dow oscillates with small variations from its close yesterday
The differential with the German bond remains on the 540 basis points
Market trends in real time
Lafont Isabel Madrid 28 JUN 2012 - 17:10 CET
Markets hold their breath in the first of the two-day summit of Heads of State and Government which begins today in Brussels, and that progress is expected to release the institutional barriers that paralyze the resolution of the debt crisis Europe.
As expected, the pressure increases in the sovereign debt market, where performance required of the Spanish 10-year bond has again exceeded 7% critical level equivalent to expulsion by the strong market interest burden involved. The risk premium, yield spread between 10-year Spanish bond and German, has risen to 551 basis points (5.51 percentage points) and remains above 540. On June 18 the market came to require a fee of 7.285% to the Spanish sovereign debt, the highest since the euro came into force.
The Dow, which yesterday reported a rise of 2.12%, remains very gentle variations with respect to a close yesterday. An hour before closing scored a 0.19% advance and marked 6,679.5 points.
European shares fall amid uncertainty surrounding the European Council meeting, exacerbated by rising unemployment in Germany in June for the fourth month this year, announced today. Good weekly jobs data in the U.S., which declined requests for unemployment benefits in the week ended June 23, has served to stimulate contributions. The Frankfurt Stock Exchange was noted a fall of 1.46% one hour and fifteen minutes before closing, was down 1.23% London, Paris and Milan 0.63% to 0.1%.
The euro remains weak tonic and has come to give up to $ 1.2407 after closing at 1.2468 yesterday.
The refounding of the European Union-or, rather, of the eurozone, and the move toward greater fiscal integration, banking and therefore policy assumes a time horizon too far for some economies, the Spanish and Italian, about to exploit because of their high debts. It is the hope, perhaps vain, that, at least out of the top short-term solutions that enable lower high interest rates they must pay the Treasures of Spain and Italy increasingly resorting to market to raise finance.
Today, the Italian Treasury has had to raise the rates paid by placing debt at five and 10 years. In total, issued 5,420 million euros, below the predicted maximum (5,500 million). The 10-year notes were paid at 6.19% versus 6.03% last May, the highest compensation since December. Demand has exceeded supply 1.28 times, compared to 1.4 last month. In five years, the rate has remained in the 5.84% (5.66% in May), with 1.54 times more requests than awards, over the previous month's 1.35.
The Italian risk premium has risen to 478 basis points and the 10-year rate in the secondary market has risen to 6.284%, after closing yesterday at 6.204%.
One measure that could appease short-term pressure on Spanish debt is to allow direct recapitalization of banks with European funds, one of the objectives that the prime minister, Mariano Rajoy, expect to get, if not for immediate injection of resources at least for non-urgent. In Spain we avoid having to point the loan of 100,000 million euros that Europe has asked banks to consolidate their debt chapter. "We can not fund us for a long time the prices at which we are funding right now," acknowledged yesterday in the House of Representatives.
Another measure is that an institution buy sovereign debt of countries under pressure, something the European Central Bank (ECB) has been done in moments of greatest tension since 2010, carrying the balance of securities Portuguese, Greek, Irish and Spanish. Always with the reluctance of Germany, which believes that these measures go beyond the mandate of the European currency issuer and, moreover, do not print enough urge the governments to undertake structural reforms.
Thus, during the recent meeting of G-20, Italian Prime Minister pulled off a letter that had not been taken into account the possibility that European bailout funds (the European Financial Stability Anchor, temporal, or the European Stability Mechanism, which will take effect in July on a permanent basis), take care to make such purchases. This measure looks set to succeed at the top, as it seemed to suggest the Commission Vice-President, Olli Rehn: "We are working with partners in the euro area to allow short-term stabilization of markets, especially the states under more pressure. "
According to a basic investment rule, the more risk involved in an asset, profitability is required to compensate the possible insolvency of the issuer. On 13 June, the rating agency Moody's risk of solvency left the note from Spain to the brink of junk status after lowering it in three steps from A3 (remarkably low) to Baa3 (approved under). The company justified its decision by the increased indebtedness of the loan will mean 100,000 million for the dealer. As a result, the rating firm downgraded on Monday assessing the solvency of 28 Spanish banks, after which only seven banks are above the level of what is known as a junk bond, a type of investment suitable only for investors willing to assume high levels of risk (high returns).
As expected, the pressure increases in the sovereign debt market, where performance required of the Spanish 10-year bond has again exceeded 7% critical level equivalent to expulsion by the strong market interest burden involved. The risk premium, yield spread between 10-year Spanish bond and German, has risen to 551 basis points (5.51 percentage points) and remains above 540. On June 18 the market came to require a fee of 7.285% to the Spanish sovereign debt, the highest since the euro came into force.
The Dow, which yesterday reported a rise of 2.12%, remains very gentle variations with respect to a close yesterday. An hour before closing scored a 0.19% advance and marked 6,679.5 points.
European shares fall amid uncertainty surrounding the European Council meeting, exacerbated by rising unemployment in Germany in June for the fourth month this year, announced today. Good weekly jobs data in the U.S., which declined requests for unemployment benefits in the week ended June 23, has served to stimulate contributions. The Frankfurt Stock Exchange was noted a fall of 1.46% one hour and fifteen minutes before closing, was down 1.23% London, Paris and Milan 0.63% to 0.1%.
The euro remains weak tonic and has come to give up to $ 1.2407 after closing at 1.2468 yesterday.
The refounding of the European Union-or, rather, of the eurozone, and the move toward greater fiscal integration, banking and therefore policy assumes a time horizon too far for some economies, the Spanish and Italian, about to exploit because of their high debts. It is the hope, perhaps vain, that, at least out of the top short-term solutions that enable lower high interest rates they must pay the Treasures of Spain and Italy increasingly resorting to market to raise finance.
Today, the Italian Treasury has had to raise the rates paid by placing debt at five and 10 years. In total, issued 5,420 million euros, below the predicted maximum (5,500 million). The 10-year notes were paid at 6.19% versus 6.03% last May, the highest compensation since December. Demand has exceeded supply 1.28 times, compared to 1.4 last month. In five years, the rate has remained in the 5.84% (5.66% in May), with 1.54 times more requests than awards, over the previous month's 1.35.
The Italian risk premium has risen to 478 basis points and the 10-year rate in the secondary market has risen to 6.284%, after closing yesterday at 6.204%.
One measure that could appease short-term pressure on Spanish debt is to allow direct recapitalization of banks with European funds, one of the objectives that the prime minister, Mariano Rajoy, expect to get, if not for immediate injection of resources at least for non-urgent. In Spain we avoid having to point the loan of 100,000 million euros that Europe has asked banks to consolidate their debt chapter. "We can not fund us for a long time the prices at which we are funding right now," acknowledged yesterday in the House of Representatives.
Another measure is that an institution buy sovereign debt of countries under pressure, something the European Central Bank (ECB) has been done in moments of greatest tension since 2010, carrying the balance of securities Portuguese, Greek, Irish and Spanish. Always with the reluctance of Germany, which believes that these measures go beyond the mandate of the European currency issuer and, moreover, do not print enough urge the governments to undertake structural reforms.
Thus, during the recent meeting of G-20, Italian Prime Minister pulled off a letter that had not been taken into account the possibility that European bailout funds (the European Financial Stability Anchor, temporal, or the European Stability Mechanism, which will take effect in July on a permanent basis), take care to make such purchases. This measure looks set to succeed at the top, as it seemed to suggest the Commission Vice-President, Olli Rehn: "We are working with partners in the euro area to allow short-term stabilization of markets, especially the states under more pressure. "
According to a basic investment rule, the more risk involved in an asset, profitability is required to compensate the possible insolvency of the issuer. On 13 June, the rating agency Moody's risk of solvency left the note from Spain to the brink of junk status after lowering it in three steps from A3 (remarkably low) to Baa3 (approved under). The company justified its decision by the increased indebtedness of the loan will mean 100,000 million for the dealer. As a result, the rating firm downgraded on Monday assessing the solvency of 28 Spanish banks, after which only seven banks are above the level of what is known as a junk bond, a type of investment suitable only for investors willing to assume high levels of risk (high returns).
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