スペインの株式市場は1'21%減少し、スペインの10年国債の金利は+458の6'159%から、+477の6'282%に微上
Las críticas del Bundesbank a una posible acción del BCE cortan la caída de la prima
El diferencial con el bono alemán recupera hasta 477 puntos tras ceder hasta 458
El Ibex borra las ganancias de la mañana y cierra con una caída del 1,21%
Isabel Lafont Madrid 20 AGO 2012 - 18:58 CET
The criticisms of the Bundesbank to the ECB may cut action falling premium
The spread with German bonds recovered to 477 points after losing up to 458
The Dow erased morning gains and closed with a fall of 1.21%
Lafont Isabel Madrid 20 AGO 2012 - 18:58 CET
The Bundesbank has returned today to make clear that it is willing to accept any solution to the European debt crisis. The markets have started the day with the momentum of last week, fueled by growing expectations that the European Central Bank (ECB) will eventually intervene and buy sovereign bonds under pressure countries (Spain and Italy), even if this means previously the request for assistance to European rescue fund. That is the condition placed on August 2 Mario Draghi, President of the institution, without giving further details. It then became known that the plan did not have the approval of the German central bank today with the publication of its latest monthly bulletin, has re-ratified at that position and has poured a bucket of cold water on the enthusiasm of the early hours day.
The expectation of a possible solution was reflected in a relaxation of the risk premium on Spanish government bonds to 10 years (excess returns that are required to respect the Germans, which is considered safe investment), which has come to fall to 458 basis points (4.58 percentage points), a level not seen since July 2, after finishing Friday at 494. Towards the end, however, undertook a comeback returned to the point 477.
The yield on 10-year debt was transferred today to 6.159%, which moves away from the 7% level considered unsustainable by the interest burden posed to the public purse and private companies, the financing always has reference to the State Treasury. On July 25 this guy came to 7.751%, the highest since the euro exists. After playing this minimum, then rallied to the 6.282% at closing.
More defendant had been in the morning the pressure relief in the shortest time, which will focus the ECB action, possibly through bond purchases in the secondary market, explained the president of the central bank after the last meeting monetary policy of the central bank's August 2. The yield on Spanish public debt has reached two years to 3.358%, a level not seen since last May (this period reached a crazy scale to 7.147% on 25 July). At the end of the session rebounded to 3.585%.
Italian sovereign debt, which is also coming under pressure in the market and may also be subject to intervention by the ECB, has also experienced a first half of relaxation. The risk premium has fallen to 413 basis points at the beginning of July, and the 10-year-old who arrived July 25 at 6.706%, 5.702% has been reached. The maturity of two has touched 2.912%, when on July 25 reached 5.262%. At cierrel of the day, however, also optimism differential fading and this rose to 426, the yield to 10 years at 5.773% and the rate at two years, at 3.040%.
Markets, pending the ECB
The person responsible for this turnaround has been, once again, the Bundesbank, which in its latest monthly bulletin questions the purchase of bonds as a means to solve the European debt crisis. "The Bundesbank is of the view that sovereign bond purchases by the Eurosystem should be considered critically and entail significant risks to stability," the institution headed by Jens Weidmann. The new bond-buying program, adds, "limitless potential" and decisions on the possibility of a greater pooling of default risk should be taken by governments or parliaments, not by central banks.
Not the first time that the German institution opposes intervention can overcome the limits of the mandate of the issuer of the euro and become a funding member states, something prohibited by the European Union treaty. Weidmann's predecessor, Axel Weber, resigned last year because of his opposition to the program of bond purchases by the ECB launched in 2010 and under which loaded its balance of securities Portuguese, Irish, Greek, Spanish and Italian. The former vice president of the German Central Bank, Juergen Stark, also resigned his post as chief economist of the ECB in December. This program, technically called Securities Markets Program (SMP), has not been activated since March.
On 2 August, the same Draghi acknowledged that Weidmann was the dissenting voice in the meeting where it was decided to intervene if a Member State requests assistance from European rescue fund previously. But the member of the ECB Executive Board, German Joerg Asmussen, warns that "no one should try to create the impression that the Bundesbank or its president are isolated," according to the daily Frankfurter Rundschau.
As reported yesterday, the German weekly Der Spiegel, the ECB deck establish a breakeven serve as trigger for purchases of sovereign bonds of countries under pressure. That possibility has also been behind the purchases of the morning, although spokesman German Finance Ministry, however, has stated that this type of setting targets for intervention by the ECB would be "very problematic from a theoretical "but has said" know nothing "about the possible plan.
The ECB itself has undertaken to deflate that possibility, with a statement that declares, without denying even being considered, "the Governing Council has not yet discussed" and that "it is wrong to speculate on the mode of future interventions of the ECB "and" inform decisions that have not yet made misleading ".
The Ibex, red
The bag also has moderated the enthusiasm that led to last week recorded an increase of 7.28%. After starting the day with a slight rise of 0.31%, it has expanded to a maximum score in 7645.6 points, up 1.11% from Friday's close. An hour after noon, however, reversed that trend indicator and into losses that have come to be up to 2.29%, bringing the Dow touched a minimum at 7387.4 points. At the end stood at 7469.6 points, down 1.21%.
Bankia (-4.63%), Repsol (-4.39%) and DIA (-3.16%) leading the losses, while Abengoa (+4,16%), Sabadell (+2.24%), ACS (+1.62%) and Acciona (+1.35%) are the values that rise. Construction companies and infrastructure progress since last week Brazil announced a public investment plan amounting to 133,000 million reais ($ 53,300 million), of which two thirds will be spent on railways and the remaining third to roads. The plan envisages the construction under concession of 10,000 kilometers of railways and 7,500 km of roads.
European shares also ended the day in the red. London has yielded 0.48%, 0.22% Paris, Frankfurt Milan 0.1% and 1.01%:
During the weekend, the Spanish Minister of Economy and Competitiveness Luis de Guindos, said in an interview with Efe that the "process" of aid, that the Government should ask the European rescue fund as a precondition for the bank intervention center will be set in mid-September.
Guindos believes that the ECB will announce the intervention mechanisms in the Governing Council of September 6, the day that President Spanish and German Chancellor Angela Merkel, have scheduled a meeting in Madrid. Later, "in the Eurogroup and Ecofin meetings to be held in the second week of September will define what is the procedure, what is the frame. From there, the Spanish Government will consider, analyze the alternatives available, which is offering the ECB ".
The next few weeks are crucial
European leaders have taken for completion of the summer holidays and the week has already intense economic diplomacy agenda. French President François Hollande, will meet on Thursday in Berlin with German Chancellor Angela Merkel, while the Greek Prime Minister Antonis Samaras, will travel to the German capital on Friday and Saturday in Paris.
The Luxembourg Prime Minister Jean-Claude Juncker, President of Eurogroup (Ministers of Economy and Finance of the Eurozone) will visit Athens on August 22 to negotiate the request of the Greek government two years defer compliance with the program of tax cuts.
In early September, representatives of Greece's international creditors, the so-called troika is given by the International Monetary Fund (IMF), the ECB and the European Commission, will visit Athens to assess compliance with the commitments made in the second bailout received by the Hellenic nation, which must implement other cuts amounting to 11,500 million euros in 2013 and 2014.
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