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スペインの株式市場は0'33%の下落、スペインの10年国債の金利は6'609%に下落
El Ibex cierra con una caída del 0,33% con la prima de riesgo en 507
El tipo del bono español a 10 años cae al 6,6% tras la subasta de deuda a medio plazo
Las Bolsas mundiales caen por la debilidad económica de EE UU, China y la eurozona
The Dow closed with a drop of 0.33% with the risk premium in 507
The type of Spanish 10-year bond fell to 6.6% after the auction of medium-term debt
World stock markets fall by the economic weakness of the U.S., China and the eurozone
Market trends in real time
Lafont Isabel Madrid 21 JUN 2012 - 18:55 CET
The type of Spanish 10-year bond fell to 6.6% after the auction of medium-term debt
World stock markets fall by the economic weakness of the U.S., China and the eurozone
Market trends in real time
Lafont Isabel Madrid 21 JUN 2012 - 18:55 CET
The markets have stock market declines saved with moderate and mild attenuation of the risk premium Spanish a day marked by the auction of medium-term debt held this morning. The Spanish stock market has been slow to start, but has expanded its morning gains and the Dow has reached recorded a rise of 1.74% to touch a daily maximum of 6914.9 points. As he approached the end, however, the gains have been moderate to fall into red numbers and the main indicator of the Spanish market has ended in 6773.5 points, a decline of 0.33%.
The Treasury has come on the market to seek funding for two, three and five years and this has turned out more expensive, but good demand has tripled in securities-supply has been sufficient to accentuate the decline in the risk premium (measured the creditworthiness of sovereign debt is calculated as the difference of return that investors demand to 10-year bond compared to German) held since the beginning of the day.
After placement, the spread has fallen below 500 basis points and reached to touch the 490 (4.9 percentage points), compared with 512 in that closed yesterday. At the end of the day stood at 507. The 10-year rate has fallen to a low of 6.501%, but finished the day at 6.609%.
The Treasury has placed EUR 700 million 3.40% coupon maturing on 30 April 2014 at an average interest of 4.791% (only three months a 2.069%), the highest since 1996. At three years, has issued 918 million that has paid a record 5.510% interest (the rate of the previous auction, held on May 17, was 4.917%). Finally, the Treasury has sold 602 million five years will be remunerated at 6.195%, the highest since the euro exists, and not seen at this time for 16 years.
The banking stocks have staged increases recorded during the day, before knowing the outcome of the stress tests commissioned by the Government to consultants Oliver Wyman and Roland Berger, the first of two reviews that will help determine the capital needs Spanish banks. Bankia leading sector losses (+9,76%), followed by Sabadell (+4,31%), Bankinter (+3,63%), Popular (+3.5%), Caixabank (+0.41% ) and Santander (+0.04%). BBVA was the only bank in back (-0.51%).
Oliver Wyman and Roland Berger have evaluated 14 banking groups, 90% of the sector, and have determined that equity required between 51,000 and 62,000 million, as made public yesterday. It is the first step to quantify the resources required to recapitalize Spanish banks with the loan of up to 100,000 million euros that Europe has agreed to grant to Spain. The stress tests are not conducted audits in the strict sense, but a calculation of capital requirements that would require in case of sharp deterioration in economic conditions.
In late July will know the outcome of the second test banks commissioned by the Government, in this case to the Big Four (PwC, Deloitte, Ernst & Young and KPMG, the same firms that perform annual audits of most entities). Although delve a little deeper into the accounts, nor is it an exhaustive review of loan portfolios, something impossible in so short a time, but is limited to certify "the quality of procedures for recognition and provisioning for doubtful ( impairment) in the accounts of the Spanish banking groups, "according to the Ministry of Economy last May.
In Europe, prices in major stock markets have dropped, hit by uncertainty over the solvency of Spain, which have joined the lowering of growth forecasts for the U.S. economy held yesterday by the Federal Reserve and the latest data reflecting economic weakness in China and Europe. London has closed with a drop of 0.99%, 0.39% Paris, Frankfurt and Milan 0.77% progress has been achieved 0.14%.
In China, a preliminary reading of PMI purchasing managers that make HSBC and Markit Economics has placed it at 48.1 in June (a reading below 50 means contraction), reflecting a fall in manufacturing activity for the eighth the second consecutive month in the world economy.
The equivalent PMI for the euro area has shown the greatest decline in private sector activity since June 2009. This indicator was at 46 in June, slightly above the level expected, but still in contraction territory with a decline of manufacturing in Germany, which until now has been a driving force in the area. According to Chris Williamson, chief economist at Markit Economics, the data do provide that the euro area GDP will likely fall by 0.6% in the second quarter: "The slowdown is gaining momentum while extending throughout the area. Germany could register a minimum fall of GDP in the second quarter, but is likely to be much more marked fall in the rest of the area, including a decrease of 0.6% in France. "
After lowering the forecast of U.S. growth this year (between 1.9% and 2.4%, compared to a range of between 2.4% and 2.9% who anticipated last April), the Federal Reserve decided yesterday to extend its program to keep interest rates low long-term-what is known as Operation Twist-up later this year. Last September launched the first phase, which expires later this month, involving the sale of government bonds in the short term amounting to 400.000 million and the use of such income in the purchase of securities long term. Until the end of the year, the Federal Reserve short-term debt sold by other 267,000 million dollars in exchange for longer terms.
The measure falls short of what investors expected, and it is possible that in future monetary policy meetings to deploy more monetary ammunition in case the labor market is not reactive, as noted yesterday the president of U.S. issuer Ben Bernanke. "There was some hope that was put in place a new asset purchase program," said Stefan Angele Bloomberg, responsible for managing investments in Swiss & Global Asset Management. "The expansion of Operation Twist was quite symbolic and will have no significant effect on economic growth or in the markets."
The remainder of the month will be decisive for the future of the euro area. In the coming days will be specified deadlines, amounts and conditions of the Spanish banking bailout. Also know if those loans are channeled through the European Financial Stability Fund (EFSF) temporary or European Stability Mechanism (MEDE), permanent European fund for countries in financial difficulties to come into force on July 1, and if these Funds may buy Spanish and Italian debt directly to stop the escalation of interest rates in the secondary market, as Italian Prime Minister raised, Mario Monti, the G-20 held last weekend in Los Cabos (Mexico).
All these issues are on the agenda of the Eurogroup and Ecofin (meetings of finance ministers from the eurozone and EU) today and tomorrow, respectively, and the mini-summit of Heads of State and Government of Germany, France, Italy and Spain to be held tomorrow in Rome. All this preparation for the final big event, the summit of European leaders convened in Brussels on 28 and 29 June.
On Tuesday, the Treasury placed at 2,400 million letters a year with a marginal interest rate of 5.20%, the highest since last November, and investors have requested 2.16 times more titles that finally sold. A month ago she had only to pay an interest rate of 3.09% to overcome the doubts of the market. At 18 months have put 639 million euros to 5.35%, a level not paid since 1997, although demand has exceeded supply by 4.42 times. Just two weeks was enough to compensate this term with a 3.40% to achieve objectives.
The Treasury has come on the market to seek funding for two, three and five years and this has turned out more expensive, but good demand has tripled in securities-supply has been sufficient to accentuate the decline in the risk premium (measured the creditworthiness of sovereign debt is calculated as the difference of return that investors demand to 10-year bond compared to German) held since the beginning of the day.
After placement, the spread has fallen below 500 basis points and reached to touch the 490 (4.9 percentage points), compared with 512 in that closed yesterday. At the end of the day stood at 507. The 10-year rate has fallen to a low of 6.501%, but finished the day at 6.609%.
The Treasury has placed EUR 700 million 3.40% coupon maturing on 30 April 2014 at an average interest of 4.791% (only three months a 2.069%), the highest since 1996. At three years, has issued 918 million that has paid a record 5.510% interest (the rate of the previous auction, held on May 17, was 4.917%). Finally, the Treasury has sold 602 million five years will be remunerated at 6.195%, the highest since the euro exists, and not seen at this time for 16 years.
The banking stocks have staged increases recorded during the day, before knowing the outcome of the stress tests commissioned by the Government to consultants Oliver Wyman and Roland Berger, the first of two reviews that will help determine the capital needs Spanish banks. Bankia leading sector losses (+9,76%), followed by Sabadell (+4,31%), Bankinter (+3,63%), Popular (+3.5%), Caixabank (+0.41% ) and Santander (+0.04%). BBVA was the only bank in back (-0.51%).
Oliver Wyman and Roland Berger have evaluated 14 banking groups, 90% of the sector, and have determined that equity required between 51,000 and 62,000 million, as made public yesterday. It is the first step to quantify the resources required to recapitalize Spanish banks with the loan of up to 100,000 million euros that Europe has agreed to grant to Spain. The stress tests are not conducted audits in the strict sense, but a calculation of capital requirements that would require in case of sharp deterioration in economic conditions.
In late July will know the outcome of the second test banks commissioned by the Government, in this case to the Big Four (PwC, Deloitte, Ernst & Young and KPMG, the same firms that perform annual audits of most entities). Although delve a little deeper into the accounts, nor is it an exhaustive review of loan portfolios, something impossible in so short a time, but is limited to certify "the quality of procedures for recognition and provisioning for doubtful ( impairment) in the accounts of the Spanish banking groups, "according to the Ministry of Economy last May.
In Europe, prices in major stock markets have dropped, hit by uncertainty over the solvency of Spain, which have joined the lowering of growth forecasts for the U.S. economy held yesterday by the Federal Reserve and the latest data reflecting economic weakness in China and Europe. London has closed with a drop of 0.99%, 0.39% Paris, Frankfurt and Milan 0.77% progress has been achieved 0.14%.
In China, a preliminary reading of PMI purchasing managers that make HSBC and Markit Economics has placed it at 48.1 in June (a reading below 50 means contraction), reflecting a fall in manufacturing activity for the eighth the second consecutive month in the world economy.
The equivalent PMI for the euro area has shown the greatest decline in private sector activity since June 2009. This indicator was at 46 in June, slightly above the level expected, but still in contraction territory with a decline of manufacturing in Germany, which until now has been a driving force in the area. According to Chris Williamson, chief economist at Markit Economics, the data do provide that the euro area GDP will likely fall by 0.6% in the second quarter: "The slowdown is gaining momentum while extending throughout the area. Germany could register a minimum fall of GDP in the second quarter, but is likely to be much more marked fall in the rest of the area, including a decrease of 0.6% in France. "
After lowering the forecast of U.S. growth this year (between 1.9% and 2.4%, compared to a range of between 2.4% and 2.9% who anticipated last April), the Federal Reserve decided yesterday to extend its program to keep interest rates low long-term-what is known as Operation Twist-up later this year. Last September launched the first phase, which expires later this month, involving the sale of government bonds in the short term amounting to 400.000 million and the use of such income in the purchase of securities long term. Until the end of the year, the Federal Reserve short-term debt sold by other 267,000 million dollars in exchange for longer terms.
The measure falls short of what investors expected, and it is possible that in future monetary policy meetings to deploy more monetary ammunition in case the labor market is not reactive, as noted yesterday the president of U.S. issuer Ben Bernanke. "There was some hope that was put in place a new asset purchase program," said Stefan Angele Bloomberg, responsible for managing investments in Swiss & Global Asset Management. "The expansion of Operation Twist was quite symbolic and will have no significant effect on economic growth or in the markets."
The remainder of the month will be decisive for the future of the euro area. In the coming days will be specified deadlines, amounts and conditions of the Spanish banking bailout. Also know if those loans are channeled through the European Financial Stability Fund (EFSF) temporary or European Stability Mechanism (MEDE), permanent European fund for countries in financial difficulties to come into force on July 1, and if these Funds may buy Spanish and Italian debt directly to stop the escalation of interest rates in the secondary market, as Italian Prime Minister raised, Mario Monti, the G-20 held last weekend in Los Cabos (Mexico).
All these issues are on the agenda of the Eurogroup and Ecofin (meetings of finance ministers from the eurozone and EU) today and tomorrow, respectively, and the mini-summit of Heads of State and Government of Germany, France, Italy and Spain to be held tomorrow in Rome. All this preparation for the final big event, the summit of European leaders convened in Brussels on 28 and 29 June.
On Tuesday, the Treasury placed at 2,400 million letters a year with a marginal interest rate of 5.20%, the highest since last November, and investors have requested 2.16 times more titles that finally sold. A month ago she had only to pay an interest rate of 3.09% to overcome the doubts of the market. At 18 months have put 639 million euros to 5.35%, a level not paid since 1997, although demand has exceeded supply by 4.42 times. Just two weeks was enough to compensate this term with a 3.40% to achieve objectives.
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