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スペインの株式市場は、スペインの支払い能力への疑念から、1'44%下落し、10年国債の金利は6'889%と再び上昇
La Bolsa cae un 1,44% y la prima escala por las dudas sobre la solvencia española
El diferencial con el bono alemán escala a 536 puntos y el tipo a 10 años al 6,9%
La Bolsa acentúa su caída y cierra en 6.528,4 puntos
The stock fell 1.44% and the premium level by doubts about the solvency of Spanish
The differential with the German bond scale to 536 points and the 10-year rate to 6.9%
The Exchange emphasizes their fall and closed at 6528.4 points
Market trends in real time
Lafont Isabel Madrid 26 JUN 2012 - 18:23 CET
The differential with the German bond scale to 536 points and the 10-year rate to 6.9%
The Exchange emphasizes their fall and closed at 6528.4 points
Market trends in real time
Lafont Isabel Madrid 26 JUN 2012 - 18:23 CET
Doubts about the solvency of Spain drench two days before the start of the Summit of Heads of State and Government on Thursday. Investors do not believe that quote out of final decisions of the European debt crisis and distrust still uncertain healing process of Spanish banks with a European loan of up to 100,000 million euros. To the extent that there are those who do not rule out that in the end, it should get more help-a-complete rescue to avoid sovereign default.
Markets have conceded this morning the latest downgrade yesterday announced Moody's, which makes most Spanish banks in options only suitable for investors willing to take high risk, which is commonly known as junk bonds . An hour and a half after the opening was known result of the last auction of short-term Treasury, which has been saved with demand exceeding supply, lower than in previous releases, but with much higher interest rates, not seen in those terms from the previous November and December.
Both articles were enough to feed the suspicions of investors who have fled the public debt market, leaving behind a fresh new escalation of the risk premium (yield spread between Spanish public debt to 10 years and the German equivalent). This assessment of the creditworthiness of the Spanish Treasury, which started the day at 517 basis points has remained at around 520 basis points until the afternoon, has accelerated its rise to touch 538 points. At the end of the session is placed in 536 (5.36 percentage points).
The rate of the 10-year bond has come to play the 6.889%, which again approaches the alarm level of 7%, a return that is interpreted as a crowding out of the Spanish sovereign.
The Stock Exchange started the day down and has remained much of the session with slight oscillations about their yesterday's close, but in the last hour of trading has precipitated its decline and the Dow has come to allow for a 1.68 % to hitting a low on the day of 6512.3 points. At the end stood at 6,528.4 points, with a drop of 1.44%.
The European markets have accused the uncertainty about Spain and ended with fluctuations in background. London has closed with a drop of 0.07%, Paris has fallen by 0.3%, Frankfurt has advanced 0.07% and Milan has yielded 1.11%. Wall Street barely varied in early afternoon trading, after learning of a drop in consumer confidence in June for the fourth consecutive month. The indicator compiled by the Conference Board stood at 62, its lowest reading in five months.
The euro, which closed at $ 1.2504 yesterday, has dropped to 1.2442 and putting themselves at the end of the day, at 1.2498.
Investors do not believe that the degradation of the credit rating of banks held yesterday by Moody's will be the last, according to testimony gathered by Bloomberg. In fact, this is automatic if the debt itself the Kingdom of Spain ends classified as speculative or junk bond, something that could happen, to be subject to review after the lowering of the rating of sovereign bonds from A3 to Baa3, to a level of that consideration. "A further cut to Ba1 probably drag the entire banking system in junk territory, with the possible exception of Santander," said the agency cited SUKL Mann, a credit analyst at Societe Generale in London.
The relationship between sovereign risk and bank debt has narrowed in this crisis and why Moody's based its decision on the "lower reliability of the Spanish sovereign debt, which not only affects the government's ability to support banks, but it weighs in the risk profiles of institutions themselves. " The other cause of the downgrade is the exposure of banks to real estate loans likely to cause losses that increase the risk that need outside help. Except Santander, BBVA, Caixabank, Banesto Banca March, Navarra Caja Rural and Caja other Spanish banks and junk bond rating. "We suspect that the State itself need a bailout, not only Spanish banks," said Olly Burrows Bloomberg, an analyst at Rabobank International in London.
The Treasury has today placed 1,600 million in letters to three months, as demand has exceeded 2.6 times what is emitted, but has had almost triple the pay: the average return of 0.846% has been the placement of May 2.362%, while the marginal has risen to 2.5% 0.879% from the previous one. Were also issued letters to six months for 1.477 million, as demand has exceeded supply by 2.8 times. The yield has almost doubled: the average interest rate has remained in the 3.237%, 1.737% compared to last, while the marginal amounted to 3.369% versus 1.793% of the issue of May.
The high level of risk premium means that investors doubt the ability to generate revenue to repay the huge debt accumulated since the beginning of the crisis was expected this year it ended at 80% according to the general budget. Following a request for aid to Europe to recapitalize Spanish banks with loans of up to 100,000 million euros, that ratio could rise to 90% if you have any figure.
Italy also are accusing the pressure in negotiating your debt. The Italian Treasury got today placed 2.991 million euros in two-year bonds and 914 million in floating rate securities linked to inflation to 5 and 15 years, more interest than previous comparable emission. The Italian risk premium has risen to 467 basis points, after closing yesterday at 454.
Markets have conceded this morning the latest downgrade yesterday announced Moody's, which makes most Spanish banks in options only suitable for investors willing to take high risk, which is commonly known as junk bonds . An hour and a half after the opening was known result of the last auction of short-term Treasury, which has been saved with demand exceeding supply, lower than in previous releases, but with much higher interest rates, not seen in those terms from the previous November and December.
Both articles were enough to feed the suspicions of investors who have fled the public debt market, leaving behind a fresh new escalation of the risk premium (yield spread between Spanish public debt to 10 years and the German equivalent). This assessment of the creditworthiness of the Spanish Treasury, which started the day at 517 basis points has remained at around 520 basis points until the afternoon, has accelerated its rise to touch 538 points. At the end of the session is placed in 536 (5.36 percentage points).
The rate of the 10-year bond has come to play the 6.889%, which again approaches the alarm level of 7%, a return that is interpreted as a crowding out of the Spanish sovereign.
The Stock Exchange started the day down and has remained much of the session with slight oscillations about their yesterday's close, but in the last hour of trading has precipitated its decline and the Dow has come to allow for a 1.68 % to hitting a low on the day of 6512.3 points. At the end stood at 6,528.4 points, with a drop of 1.44%.
The European markets have accused the uncertainty about Spain and ended with fluctuations in background. London has closed with a drop of 0.07%, Paris has fallen by 0.3%, Frankfurt has advanced 0.07% and Milan has yielded 1.11%. Wall Street barely varied in early afternoon trading, after learning of a drop in consumer confidence in June for the fourth consecutive month. The indicator compiled by the Conference Board stood at 62, its lowest reading in five months.
The euro, which closed at $ 1.2504 yesterday, has dropped to 1.2442 and putting themselves at the end of the day, at 1.2498.
Investors do not believe that the degradation of the credit rating of banks held yesterday by Moody's will be the last, according to testimony gathered by Bloomberg. In fact, this is automatic if the debt itself the Kingdom of Spain ends classified as speculative or junk bond, something that could happen, to be subject to review after the lowering of the rating of sovereign bonds from A3 to Baa3, to a level of that consideration. "A further cut to Ba1 probably drag the entire banking system in junk territory, with the possible exception of Santander," said the agency cited SUKL Mann, a credit analyst at Societe Generale in London.
The relationship between sovereign risk and bank debt has narrowed in this crisis and why Moody's based its decision on the "lower reliability of the Spanish sovereign debt, which not only affects the government's ability to support banks, but it weighs in the risk profiles of institutions themselves. " The other cause of the downgrade is the exposure of banks to real estate loans likely to cause losses that increase the risk that need outside help. Except Santander, BBVA, Caixabank, Banesto Banca March, Navarra Caja Rural and Caja other Spanish banks and junk bond rating. "We suspect that the State itself need a bailout, not only Spanish banks," said Olly Burrows Bloomberg, an analyst at Rabobank International in London.
The Treasury has today placed 1,600 million in letters to three months, as demand has exceeded 2.6 times what is emitted, but has had almost triple the pay: the average return of 0.846% has been the placement of May 2.362%, while the marginal has risen to 2.5% 0.879% from the previous one. Were also issued letters to six months for 1.477 million, as demand has exceeded supply by 2.8 times. The yield has almost doubled: the average interest rate has remained in the 3.237%, 1.737% compared to last, while the marginal amounted to 3.369% versus 1.793% of the issue of May.
The high level of risk premium means that investors doubt the ability to generate revenue to repay the huge debt accumulated since the beginning of the crisis was expected this year it ended at 80% according to the general budget. Following a request for aid to Europe to recapitalize Spanish banks with loans of up to 100,000 million euros, that ratio could rise to 90% if you have any figure.
Italy also are accusing the pressure in negotiating your debt. The Italian Treasury got today placed 2.991 million euros in two-year bonds and 914 million in floating rate securities linked to inflation to 5 and 15 years, more interest than previous comparable emission. The Italian risk premium has risen to 467 basis points, after closing yesterday at 454.
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