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欧州首脳会議で、スペインの銀行救済で欧州金融安定基金からの直接投資と欧州中央銀行の国債の購入のなどが決まったので、スペインの株式市場は5'66%急上昇し、スペインの10年国債の金利も6'329%に急落した
La Bolsa sube un 5,66% al cierre, su mayor alza desde mayo de 2010
Los valores financieros impulsan el Ibex hasta 7.102,2 puntos
La prima de riesgo cae hasta 474 puntos, tras su mayor descenso desde el pasado agosto
El euro sube hasta 1,267 dólares
The stock rises 5.66% at the end, its biggest gain since May 2010
Financial stocks drive the Dow to 7102.2 points
The risk premium drops to 474 points, after their biggest decline since last August
The euro rises to $ 1.267
Follow the market trends up to the minute
Lafont Isabel Madrid 29 JUN 2012 - 19:13 CET
Financial stocks drive the Dow to 7102.2 points
The risk premium drops to 474 points, after their biggest decline since last August
The euro rises to $ 1.267
Follow the market trends up to the minute
Lafont Isabel Madrid 29 JUN 2012 - 19:13 CET
A brief statement to the three agreements reached early this morning served to point a way out of the vicious circle in which markets have been trapped since the beginning of European debt crisis. Spain and Italy, which are a step closer to receiving a red card from investors, a muddy unsustainable interest burden has forced an institutional unlock the agreement reached in Brussels, but will not bear fruit in the short term, at least shows that there is a path can be followed.
The ability to directly recapitalize the bank with European resources without computed as public debt, the elimination of the privileged nature of the aid in relation to sovereign debt in the event of default and use of rescue European funds for the purchase of sovereign bonds with a view to alleviate the financing costs are three victories have been celebrated with enthusiasm by investors.
The Spanish stock market has reacted with euphoria expected, rising 3.5% in opening that has come to be extended to 4.45% in the morning. Banks, immediate beneficiaries of the decisions taken in Brussels, have fueled the rise in the Dow. The enthusiasm has been tempered during the day, to the issues raised by the conditions could be imposed on countries which qualify for European funding, either to capitalize their banks or to purchase sovereign debt. One point that Angela Merkel has made clear: "I have insisted that current procedures should be maintained and I think we've reached a good agreement," he said. Today, German Chancellor returned to Berlin to attend the parliamentary vote Germanic fiscal pact agreed at a previous summit and the implementation of the European Stability Mechanism (MEDE) the permanent European rescue fund to take effect in July.
But the opening of Wall Street has blown fuel quotes and all the European stock markets have accelerated their profits. The Ibex has climbed to close at 7,102.2 point, maximum daily, representing an increase of 5.66% compared to its yesterday's close.
Bankia Mapfre has a 15% stake in the insurer and has been one of the most battered securities since its nationalization, has led the gains among financials (10.88%), followed by BBVA (+8,25%) Bankinter (+7.5%), Santander (+6,41%), Popular (+5,08%), Caixabank (+4,28%), Sabadell (+3.1%) and Bankia (1, 89%).
The European markets have supported optimism. London has closed up 1.42%, 4.75% Paris, Frankfurt and Milan 4.33% 5.66% a.
The Spanish risk premium (the difference between profitability which requires the 10-year bond and requesting the German equivalent) has come to fall 72 basis points in the opening, up to 470 (4.7 percentage points). Shortly after recovering 500 points but ended the session in 474, after losing 68 points, its biggest decline since last August 8. But remains at critical levels, away from the 589 reached last week and that assumed that there is a record since the euro.
The type of debt to 10, who yesterday returned to play the 7%, has given today from the previous close of 6.941% 6.329% until the end of the day. The Prime Minister, Mariano Rajoy, acknowledged yesterday that the situation was untenable and that many Spanish institutions could not even funded.
But defendant has been the decline in yield that investors demand in the secondary market securities with maturities of less. The type of debt two years has fallen 1.12 percentage points to 4.129%, while five-year profitability has remained at 5.4%, almost one percentage point below its close yesterday. These declines are particularly important in view of the Spanish Treasury auction take place on July 5, notes and bonds to three, four and 10 years.
Italian debt has also breathed in the opening, with a decrease in their risk premium of more than 59 basis points to 409, but finished in 423. The profitability of Italian 10-year bonds has fallen to 5.775%, 6.195% compared with that ended yesterday, ending the day 5.819%.
In the currency market, the euro has gone up to $ 1.2693, up from $ 1.2444 the previous close, its biggest gain this year. At the end of the session in Europe was exchanged for 1.2556 U.S. dollars.
The approval of the direct capitalization of the bank is a development that will benefit especially to Spain. Although its implementation is conditional on the creation of a single supervisory institution, a draft reform will not be immediate, which is in fact a step towards union bank, the statement issued yesterday by the Eurogroup asks the European Council " consider these proposals as a matter of urgency before the end of 2012. " So far, the bailout funds, European Financial Stability Fund (EFSF), which expires next year, and its permanent successor, the European Stability Mechanism (MEDE) - could only provide funds to States.
It is also a break as "the vicious circle between banking and sovereign debt," said the statement: States that borrow to fund sanitation insolvency of entities charged-in the case of Spain-toxic real estate assets.
The same Spanish negotiators has been to eliminate consideration of MEDE preferred creditor (the EFSF no such priority) in case of default, which had frightened investors in Spanish public debt, since in case of insolvency The loan would be repaid before MEDE. Europe has committed to lend to Spain to 100,000 million euros to clean up the banking sector, which will be channeled through the EFSF until MEDE operational.
Italian Prime Minister, Mario Monti, has been the promoter of the third measure adopted yesterday, which the Italian media have dubbed "anti-shield risk premium," and that is that a country "virtuoso"-that is, that is making her way to meet the economic requirements of the European Union may request the intervention of the bailout funds (EFSF or MEDE) to acquire government bonds, and ease interest rates, without incurring further obligations stringent than those already assumed under the European objectives.
All eyes are now turned towards the European Central Bank (ECB), on whose shoulders has fallen the task of extinguishing fires of European debt crisis that began with the first Greek rescue in May 2010. The market is expected to remain at the meeting the Governing Council of the issuer of the euro on Thursday in Frankfurt cut the reference rate a quarter percentage point, which would remain at 0.75% for the first time below 1% since the existence of the euro. It could also reducing the rate of overnight deposits between banks, now at 0.25%, to encourage banks to lend funds in the market rather than park them in the safe but unprofitable central bank.
The ability to directly recapitalize the bank with European resources without computed as public debt, the elimination of the privileged nature of the aid in relation to sovereign debt in the event of default and use of rescue European funds for the purchase of sovereign bonds with a view to alleviate the financing costs are three victories have been celebrated with enthusiasm by investors.
The Spanish stock market has reacted with euphoria expected, rising 3.5% in opening that has come to be extended to 4.45% in the morning. Banks, immediate beneficiaries of the decisions taken in Brussels, have fueled the rise in the Dow. The enthusiasm has been tempered during the day, to the issues raised by the conditions could be imposed on countries which qualify for European funding, either to capitalize their banks or to purchase sovereign debt. One point that Angela Merkel has made clear: "I have insisted that current procedures should be maintained and I think we've reached a good agreement," he said. Today, German Chancellor returned to Berlin to attend the parliamentary vote Germanic fiscal pact agreed at a previous summit and the implementation of the European Stability Mechanism (MEDE) the permanent European rescue fund to take effect in July.
But the opening of Wall Street has blown fuel quotes and all the European stock markets have accelerated their profits. The Ibex has climbed to close at 7,102.2 point, maximum daily, representing an increase of 5.66% compared to its yesterday's close.
Bankia Mapfre has a 15% stake in the insurer and has been one of the most battered securities since its nationalization, has led the gains among financials (10.88%), followed by BBVA (+8,25%) Bankinter (+7.5%), Santander (+6,41%), Popular (+5,08%), Caixabank (+4,28%), Sabadell (+3.1%) and Bankia (1, 89%).
The European markets have supported optimism. London has closed up 1.42%, 4.75% Paris, Frankfurt and Milan 4.33% 5.66% a.
The Spanish risk premium (the difference between profitability which requires the 10-year bond and requesting the German equivalent) has come to fall 72 basis points in the opening, up to 470 (4.7 percentage points). Shortly after recovering 500 points but ended the session in 474, after losing 68 points, its biggest decline since last August 8. But remains at critical levels, away from the 589 reached last week and that assumed that there is a record since the euro.
The type of debt to 10, who yesterday returned to play the 7%, has given today from the previous close of 6.941% 6.329% until the end of the day. The Prime Minister, Mariano Rajoy, acknowledged yesterday that the situation was untenable and that many Spanish institutions could not even funded.
But defendant has been the decline in yield that investors demand in the secondary market securities with maturities of less. The type of debt two years has fallen 1.12 percentage points to 4.129%, while five-year profitability has remained at 5.4%, almost one percentage point below its close yesterday. These declines are particularly important in view of the Spanish Treasury auction take place on July 5, notes and bonds to three, four and 10 years.
Italian debt has also breathed in the opening, with a decrease in their risk premium of more than 59 basis points to 409, but finished in 423. The profitability of Italian 10-year bonds has fallen to 5.775%, 6.195% compared with that ended yesterday, ending the day 5.819%.
In the currency market, the euro has gone up to $ 1.2693, up from $ 1.2444 the previous close, its biggest gain this year. At the end of the session in Europe was exchanged for 1.2556 U.S. dollars.
The approval of the direct capitalization of the bank is a development that will benefit especially to Spain. Although its implementation is conditional on the creation of a single supervisory institution, a draft reform will not be immediate, which is in fact a step towards union bank, the statement issued yesterday by the Eurogroup asks the European Council " consider these proposals as a matter of urgency before the end of 2012. " So far, the bailout funds, European Financial Stability Fund (EFSF), which expires next year, and its permanent successor, the European Stability Mechanism (MEDE) - could only provide funds to States.
It is also a break as "the vicious circle between banking and sovereign debt," said the statement: States that borrow to fund sanitation insolvency of entities charged-in the case of Spain-toxic real estate assets.
The same Spanish negotiators has been to eliminate consideration of MEDE preferred creditor (the EFSF no such priority) in case of default, which had frightened investors in Spanish public debt, since in case of insolvency The loan would be repaid before MEDE. Europe has committed to lend to Spain to 100,000 million euros to clean up the banking sector, which will be channeled through the EFSF until MEDE operational.
Italian Prime Minister, Mario Monti, has been the promoter of the third measure adopted yesterday, which the Italian media have dubbed "anti-shield risk premium," and that is that a country "virtuoso"-that is, that is making her way to meet the economic requirements of the European Union may request the intervention of the bailout funds (EFSF or MEDE) to acquire government bonds, and ease interest rates, without incurring further obligations stringent than those already assumed under the European objectives.
All eyes are now turned towards the European Central Bank (ECB), on whose shoulders has fallen the task of extinguishing fires of European debt crisis that began with the first Greek rescue in May 2010. The market is expected to remain at the meeting the Governing Council of the issuer of the euro on Thursday in Frankfurt cut the reference rate a quarter percentage point, which would remain at 0.75% for the first time below 1% since the existence of the euro. It could also reducing the rate of overnight deposits between banks, now at 0.25%, to encourage banks to lend funds in the market rather than park them in the safe but unprofitable central bank.
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