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スペインの10年国債の金利は7%から6'747%に下落、スペインの株式市場は1'53%の上昇
La prima de riesgo cae a 512 tras registrar su mayor bajada desde diciembre
El tipo del bono español a 10 años baja del 7% en el mercado secundario
El Ibex cierra en 6.796,1 puntos tras un alza del 1,53%
The risk premium falls to 512 after reporting its biggest drop since December
The type of Spanish 10-year bond down 7% in the secondary market
The FTSE closes at 6796.1 points after rising 1.53%
Market trends in real time
Lafont Isabel Madrid 20 JUN 2012 - 18:18 CET
The type of Spanish 10-year bond down 7% in the secondary market
The FTSE closes at 6796.1 points after rising 1.53%
Market trends in real time
Lafont Isabel Madrid 20 JUN 2012 - 18:18 CET
The markets believe that the beginning of the end of the crisis may be closer and have concluded with moderate increases in stock prices around the world and releasing pressure on the sovereign debt of Spain and Italy. The G-20 meeting in Los Cabos (Mexico) closed yesterday with a commitment to contain the "financing costs" of debt and with a proposal, not officially launched by the Italian prime minister, Mario Monti, their European counterparts for the European bailout funds in the market buying debt securities of countries under pressure.
The mood of detente has been exacerbated today with the expectation that the Federal Reserve announced today, following the two-day meeting of the committee to conduct monetary policy in the U.S., new measures to stimulate the credit.
The Spanish stock market has remained virtually the entire day slightly above its previous close and at the close, the Dow marked 6,796.1 points, representing an increase of 1.53%. All European markets are up, and they are confident that monetary easing by the Federal Reserve will be followed by the European Central Bank (ECB). London has gained 0.64%, 0.28% Paris, Frankfurt and Milan 0.45% 2.13%.
The risk premium, the excess return that investors demand to 10-year Spanish bond over its German equivalent, completed by 512 basis points (5.12 percentage points) after hitting a low of 510, its biggest decline (39 points basic) since last December 5, days before the ECB would conduct the first of two megainyecciones of liquidity to the eurozone. The second financing transaction of this type (Long Term Refinancing Operation, LTRO) was held in February and totaled two billion euros in loans to three years at an interest of 1%.
The yield that investors demand on the secondary market for Spanish public debt to 10 years has dropped from 7%, which corresponds to a single asset class suitable for investors willing to take a high level of risk (insolvency in this case). At the end of the day stood at 6.747%.
The euro touched $ 1.2724, after finishing yesterday at 1.2685, but at the end of the day stood at 1.2696 European.
The government bond market welcomed with optimism (hence the reduction in the risk premium), speculation about the possibility that the European Stability Mechanism (MEDE), European fund for countries in financial difficulties to come into force on July 1, purchase directly from Spanish and Italian debt to halt the escalation of interest rates in the secondary market. As recorded by Bloomberg, the French president, François Hollande, said yesterday that it was an idea presented by the Italian prime minister, Mario Monti, during the meetings of the G-20. According to Hollande, this possibility will be discussed in the meeting to be held next Friday in Rome with Mariano Rajoy, Monti, and German Chancellor Angela Merkel, to prepare the European summit will be held on 28 and 29 this month, and which is expected any concrete steps to resolve the debt crisis in Europe.
Various British media have also echoed this possibility, although the EC's economic spokesman, Amadeu Altafaj, said today that "there were no negotiations about this." The communique of the G-20 does not contain any express statement to that effect, but reflects the commitment to take "all necessary measures to ensure the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereign debt and the banks. "
The last meeting of G-20 has left behind a tangle of confusing statements and denials over the European rescue (100,000 million euros) for Spanish banks, which demonstrate no progress, still, credit terms or what background -the temporary European Financial Stability Fund (EFSF) or the permanent European Stability Mechanism (MEDE) - channel support. It seems clear, however, that does count as government debt, although the G-20 recognize-and this is included in its final communiqué, which is necessary to break the pernicious link between sovereign debt and banking.
As for the exact amounts that specify the entities, the Spanish Government could perhaps take a step after learning the outcome of tomorrow endurance that carried out the consultancy Roland Berger and Oliver Wyman on the whole sector. These consist of equity determines would be necessary to deal with situations of extreme deterioration of economic conditions and serve to measure the solvency of institutions.
The Spanish sovereign debt market also face another major test tomorrow, as the Treasury plans to issue bonds to two, three and five years.
Today, the focus is on the statement to be issued by the Federal Reserve, which will update its estimates of unemployment and inflation, while confirming the intention of the U.S. central bank to keep the federal funds rate (the reference in the U.S. ) close to zero. In January this commitment was extended from mid 2013 until late 2014. Since December 2008, the official price of money in the U.S. is maintained between 0% and 0.25%.
But what is that markets expect the institution you head Ben Bernanke announced an extension of the lengthening of maturities which launched last September to lower long term interest rates, known as Operation Twist. That measure, which expires this month, involved the sale of government bonds in the short term amounting to 400,000 million dollars and use that income to purchase long-term securities.
The mood of detente has been exacerbated today with the expectation that the Federal Reserve announced today, following the two-day meeting of the committee to conduct monetary policy in the U.S., new measures to stimulate the credit.
The Spanish stock market has remained virtually the entire day slightly above its previous close and at the close, the Dow marked 6,796.1 points, representing an increase of 1.53%. All European markets are up, and they are confident that monetary easing by the Federal Reserve will be followed by the European Central Bank (ECB). London has gained 0.64%, 0.28% Paris, Frankfurt and Milan 0.45% 2.13%.
The risk premium, the excess return that investors demand to 10-year Spanish bond over its German equivalent, completed by 512 basis points (5.12 percentage points) after hitting a low of 510, its biggest decline (39 points basic) since last December 5, days before the ECB would conduct the first of two megainyecciones of liquidity to the eurozone. The second financing transaction of this type (Long Term Refinancing Operation, LTRO) was held in February and totaled two billion euros in loans to three years at an interest of 1%.
The yield that investors demand on the secondary market for Spanish public debt to 10 years has dropped from 7%, which corresponds to a single asset class suitable for investors willing to take a high level of risk (insolvency in this case). At the end of the day stood at 6.747%.
The euro touched $ 1.2724, after finishing yesterday at 1.2685, but at the end of the day stood at 1.2696 European.
The government bond market welcomed with optimism (hence the reduction in the risk premium), speculation about the possibility that the European Stability Mechanism (MEDE), European fund for countries in financial difficulties to come into force on July 1, purchase directly from Spanish and Italian debt to halt the escalation of interest rates in the secondary market. As recorded by Bloomberg, the French president, François Hollande, said yesterday that it was an idea presented by the Italian prime minister, Mario Monti, during the meetings of the G-20. According to Hollande, this possibility will be discussed in the meeting to be held next Friday in Rome with Mariano Rajoy, Monti, and German Chancellor Angela Merkel, to prepare the European summit will be held on 28 and 29 this month, and which is expected any concrete steps to resolve the debt crisis in Europe.
Various British media have also echoed this possibility, although the EC's economic spokesman, Amadeu Altafaj, said today that "there were no negotiations about this." The communique of the G-20 does not contain any express statement to that effect, but reflects the commitment to take "all necessary measures to ensure the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereign debt and the banks. "
The last meeting of G-20 has left behind a tangle of confusing statements and denials over the European rescue (100,000 million euros) for Spanish banks, which demonstrate no progress, still, credit terms or what background -the temporary European Financial Stability Fund (EFSF) or the permanent European Stability Mechanism (MEDE) - channel support. It seems clear, however, that does count as government debt, although the G-20 recognize-and this is included in its final communiqué, which is necessary to break the pernicious link between sovereign debt and banking.
As for the exact amounts that specify the entities, the Spanish Government could perhaps take a step after learning the outcome of tomorrow endurance that carried out the consultancy Roland Berger and Oliver Wyman on the whole sector. These consist of equity determines would be necessary to deal with situations of extreme deterioration of economic conditions and serve to measure the solvency of institutions.
The Spanish sovereign debt market also face another major test tomorrow, as the Treasury plans to issue bonds to two, three and five years.
Today, the focus is on the statement to be issued by the Federal Reserve, which will update its estimates of unemployment and inflation, while confirming the intention of the U.S. central bank to keep the federal funds rate (the reference in the U.S. ) close to zero. In January this commitment was extended from mid 2013 until late 2014. Since December 2008, the official price of money in the U.S. is maintained between 0% and 0.25%.
But what is that markets expect the institution you head Ben Bernanke announced an extension of the lengthening of maturities which launched last September to lower long term interest rates, known as Operation Twist. That measure, which expires this month, involved the sale of government bonds in the short term amounting to 400,000 million dollars and use that income to purchase long-term securities.
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