スペインの株式市場は、欧州中央銀行がスペインの国債を購入する予想楽観??から1%上昇し、スペイン10年国債の金利は+462の6'177%から+465の6'211%に
Optimismo en los mercados tras la subasta de letras a la espera del BCE
El Ibex remonta en las últimas horas de la sesión y cierra con un alza del 1% en 7.544.5 puntos
La prima de riesgo cae hasta 465 puntos básicos
Evolución de los principales mercados en tiempo real
Isabel Lafont Madrid 21 AGO 2012 - 19:04 CET
Optimism in the markets following the auction of letters awaiting the ECB
The Dow back in the last hours of the session and closed with a rise of 1% in 7.544.5 points
The risk premium falls to 465 basis points
Evolution of the main markets in real time
Lafont Isabel Madrid 21 AGO 2012 - 19:04 CET
The markets ended the session with a renewed optimism that the crisis of European sovereign debt will be resolved sooner or later, with a statement by European Central Bank (ECB). Another thing is the form and terms finally take that action, which will lead to some form of buying bonds to be determined. The solution will not be easy, since this measure must overcome resistance, including in Europe, the Bundesbank, who yesterday returned to air his reticence.
In Spain, investors have lived a day marked by a Treasury bill auction that concluded with the convenient placement of securities aa 12 and 18 months, for an amount of 4,515 million euros, at a lower cost than the previous issue to the same deadlines.
The Dow started the day with a slight rise of 0.1% that has expanded to 1.19% in the morning. Upon issuance of letters, however, progress has been cut to bring the flag to the red zone. After left to 0.52% in the afternoon, two hours of closing has launched a comeback that has placed to close at 7544.5 points, with an increase of 1%. Construction and infrastructure companies maintain the momentum indicator, following the announcement last week of an investment plan in Brazil to build roads and railways in the amount of 133,000 million reais (53,520 million euros) in the country. Acciona (+7,36%), Abengoa (+6.7%), DAY (+4,91%) and Inditex (+3,72%) are recorded the biggest gains, while Endesa (-2.25%) Indra (-2.18%) and Mapfre (-2.02%) lead the declines.
Advances in companies active in renewable energy, such as Acciona and Abengoa, have been strengthened today after the statements made by Bloomberg Finance Minister Cristobal Montoro, which puts into question the energy reform prepared by the Ministry Industry, José Manuel Soria, and that includes the imposition of new taxes to these businesses. "We have opposed it from the first minute," said Montoro, after claiming that the measure is discriminatory and create legal problems.
The risk premium (excess return required of the Spanish 10-year bond against the German equivalent) has come to fall to 462 basis points (4.62 percentage points), having begun in 477, and ended the day in 465. The 10-year rate in the secondary debt market has now fallen to a low of 6.177%, to end the day at 6.211%. The Italian risk premium has fallen to 410 points after closing yesterday at 426.
In the rest of Europe, the major exchanges have also ended with minor gains, buoyed by expectations that U.S. economic data that will be released this week will be positive (purchases of homes and industrial orders) and that European leaders will be able advance in the painful process of resolving the sovereign debt crisis with a busy schedule of meetings of economic diplomacy. London has recorded a rise of 0.57%, Paris has gained 0.94%, 0.79% Frankfurt and Milan 2.4%.
The Luxembourg Prime Minister Jean-Claude Juncker, President of Eurogroup (finance ministers of the countries that share the euro) visit Greece tomorrow. German Chancellor Angela Merkel and French President François Hollande, meet in Berlin on Thursday and both hold separate meetings with the Greek prime minister, Antonis Samaras, the end of the week. The Greek government expects to obtain some concession from international creditors that have lent money to his second save (EU, IMF and ECB, the so-called troika) during the negotiations of the new plan of fiscal adjustment in the amount of 11,500 million in the next two years. It is probably a reduction in the interest rate on loans or a deferral of removal.
The Spanish Treasury has benefited from the relaxation of the pressure in the secondary market for government debt, especially shorter maturities. Yields on two-year securities came to climb to 7.147% on 25 July, but has since fallen to levels that had recovered in May. Today you are logged in the 3.585% and has been losing up to 3.45% after learning the result of the auction, which has resulted in the placement of 4,515 million euros with a marginal interest of 3.20% and 3.45% at 12 and 18 months, respectively. The Treasury hoped to place between 3,500 and 4,000 million euros.
At the end of the day, the type of two-year Spanish debt stood at 3.482%. At the same time, the profitability of German sovereign bonds of the same maturity was positive for the first time in five weeks has hit a high of 0.017% to yield 0.006% at the end of the day. Since early July, the bulk purchase of these products, considered a refuge from the increased risk of Spanish or Italian sovereign debt, has been such that investors, rather than make money, have been willing to pay in exchange for peace of mind invest in assets more solvent.
The final placement of Spanish letters to 12 and 18 months periods took place last July 17 and was the first after the measures announced by the Government to save 65,000 million euros in two years. The Treasury then exceeded the maximum expected volume and issued 3.561 million euros. Also able to reduce the cost of placement over the previous auction: the titles to 12 months paid a marginal interest of 3.99% (3.918% average) and 18 months a marginal 4.35% (4.242% average). That day, the two-year debt cost reached 4.8% in the secondary market.
The Treasury has already issued 72.2% (62.016 million euros) of the gross issuance of long-term debt expected for the entire year (85,900 million euros), with an average cost of 31 July 2012 3, 43%, less than 3.90% with closed 2011. The next debt auction is scheduled for August 28, in this case points to 3 and 6 months.
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