スペインの株式市場は1'28%から1'21%に減少し、スペイン10年国債の金利は+503から+435で6'384%に
La Bolsa cierra con un alza del 1,21% ante la expectativa de estímulos monetarios
El Ibex acelera su subida en las últimas horas de la sesión y termina en 7.398,9 puntos
La prima de riesgo desciende ligeramente respecto a su cierre anterior hasta 503
Evolución en directo de los principales mercados
Isabel Lafont Madrid 27 AGO 2012 - 18:24 CET
The bag closes with a rise of 1.21% on expectations of monetary stimulus
The Ibex accelerate its rise in the last hours of the session and ends at 7398.9 points
The risk premium decreases slightly from its previous close to 503
Evolution live in major markets
Lafont Isabel Madrid 27 AGO 2012 - 18:24 CET
Expectations of another round of monetary stimulus measures to stimulate activity in the major world economies and stock market have stimulated increases in a day without clear direction for much of the same.
The Dow began the day with a slightly lower open and reached 1.28% and losing touch 7216.8 points. From that moment, however, has undertaken an escalation that has accelerated to close at 7398.9 points, representing an increase of 1.21% on the day.
In Europe, stock markets have remained flat for most of the session, marked by inactivity in the London, the greatest volume channels. The start of the session has been bearish, marked by new data that confirms the slowdown in China: the benefits of industrial companies fell 5.4% in July compared to the same month last year, according to the National Bureau of Statistics . In Germany, consumer confidence fell for the fourth straight month in August to its lowest level since March 2010, according to the indicator developed by the Ifo Institute. The data has been better than expected, so the Frankfurt Stock Exchange ended with a rise of 1.1%, Paris gained 0.86% and 0.89% Milan.
Investors remain on the lookout for upcoming monetary stimulus measures by major central banks. The Chinese premier, Wen Jiabao said Saturday that the third quarter is "crucial" to fulfill annual targets export growth, which may need some more liquidity in the first Asian economy.
In the U.S., all the attention goes to the central bankers' meeting to be held, as every year, in Jackson Hole (U.S. city located in the state of Wyoming) next Friday. The speech is the most awaited the Federal Reserve chairman, Ben Bernanke, which seek to identify signs-but do not expect any announcement of a next-asset purchase program of debt (esasing quantitative, or quantitative easing) , which would be the third since 2008.
Signs that the Fed prepares measures multiply. According to the minutes of its last meeting, the members of the body that makes the monetary policy of the Fed is prepared to act "fairly soon," unless you check a relaunch of the economy. In a letter sent on 22 August by Bernanke the chairman of one of the committees of the House of Representatives, said he sees "room for maneuver". Today, the president of the Federal Reserve Bank of Chicago, Charles Evans, said in a speech in Hong Kong that the issuer of the dollar should buy debt for the unemployment rate down for a minimum of six.
The Spanish market investors have not been impressed by the strength of German Chancellor Angela Merkel, who yesterday endorsed, in an interview on German television, the Bundesbank opposition to the European Central Bank (ECB) to intervene in the sovereign debt market with purchases of securities issued by the countries most affected by the crisis of confidence in Europe, ie Spain and Italy.
In the debt market, the risk premium, excess return required of the Spanish 10-year bonds over the Germans to offset the higher risk perceived by investors, has come to fall 500 points at the opening, after having closed on Friday at 506, and then to slightly above that level and finish at 503. The type of 10-year notes fell today to stand at 6.384% at closing. The risk premium has finished on 435 points, the same level it closed last Friday.
In the shorter term, the rates in the secondary market has given today to 3.676% in the case of Spanish debt and up to 3.09% for the Italian, to finish the day at 3.746% and 3.132 %, respectively. A possible ECB intervention would focus on these maturities, as announced on August 2, the central bank president, Mario Draghi.
The strength of German debt, a refuge in the present crisis, is allowing the Treasury to finance German types paltry, if not negative, as has happened today with the issuance of letters a year, amounting to 1,975 million euros, an average rate of -0.0246%, which means investors are willing to be reimbursed an amount less than that paid in exchange for the security of those assets.
Jens Weidmann, president of Bundesbak, the German central bank, is leading a school of thought that believes that purchases of debt the ECB has made since 2010 to try to contain the European debt crisis beyond the limits of its mandate, which is price stability. On Aug. 2, ECB President Mario Draghi announced that the institution is prepared to launch a new procurement program to relieve pressure on countries with higher risk premiums, provided they apply before aid fund European bailout.
On Sunday, Weidmann reiterated its stance in an interview published by the weekly Der Spiegel: "We should not underestimate the risk that the central bank financing can become addictive as a drug." For the president of the Bundesbank, which ensures not be the only member of the ECB Governing Council to whom the matter because "stomach pain", a measure such as the purchase of bonds "is about U.S. funding printing money".
スペインの株式市場は1'28%から1'21%に減少し、スペイン10年国債の金利は+503から+435で6'384%に
バッグは、金融刺激策への期待で1.21パーセントの上昇で終了
アイベックスは7398.9時点でセッションの最後の時間でその上昇を加速し、終了
リスクプレミアムは前日終値から503にわずかに減少
進化は、主要市場に住んでいる
2012 AGOラフォンイザベルマドリード27 - 午後06時24分CET
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