スペインの株式市場は平衡を保ち0'18%上昇で、スペインの10年国債の金利は+558の6'914%から+550の6'853%に
La Bolsa cierra plana y la prima de riesgo cae por debajo de 550 puntos
El Ibex termina la jornada en 7.434,1 puntos, con un avance del 0,18%
El tipo del bono a 10 acaba en el 6,853%
Evolución de los principales mercados en tiempo real
Isabel Lafont Madrid 3 SEP 2012 - 18:20 CET
The stock market closed flat and the risk premium falls below 550 points
The Dow finished the day at 7434.1 points, with an increase of 0.18%
The rate on the benchmark 10 finishes in the 6.853%
Evolution of the main markets in real time
Lafont Isabel Madrid 3 SEP 2012 - 18:20 CET
The first week of September begins with markets on edge before the monetary policy meeting of the European Central Bank (ECB), after which it is expected that the institution's president, Mario Draghi, pour some more light on the purchase program sovereign bond announced on August 2. This intervention, however, would be conditional on the country concerned, Spain or Italy prior request helps European bailout funds.
The risk premium, or spread required in the secondary market to the Spanish 10-year bonds over the Germans, remains under pressure. In the opening has climbed to 558 basis points (5.58 percentage points), but finished the day at 547. The rate of the 10-year bond has come to play the 6.914% at the open, but then has ceded to 6.8653%.
The risk premium Italian climbed to 452 points at the opening, but then relaxed to 439.
The stock market started the day in retreat and marked the first change Ibex 0.42% below its Friday close. Throughout the morning has been maintained, with a slight rise to the profit zone, below the previous close. Although afternoon loss widened to almost 1%, has managed to close with an advance of 0.18% in 7434.2 points.
The world sleeps advance in a holiday in the United States, although it has been known today new data confirming that industrial activity in the eurozone shrank more than initially estimated in August, according to the indicator PMI purchasing managers produced by the firm Markit, which amounted to 45.1 (a level below 50 implies contraction), which sum 13 months of decline of activity. It was previously known data from China, which in August posted its biggest contraction since March 2009.
This fueling expectations that the central banks of the major economic areas of the world will have to relaunch growth with more monetary stimulus, which collected the bags increases. London has closed with an increase of 0.82%, Paris gained 1.19%, 0.63% Frankfurt and Milan 1.1%.
The attention of investors is maintained on the diplomatic agenda of European leaders. Today, the president of the European Central Bank (ECB), Mario Draghi, has appeared before the MEPs of the Economic Affairs Committee of the European Parliament as part of the preparation of proposals for banking and fiscal union. Also present their ideas Commissioners of Economic Affairs, Olli Rehn, Financial Services, Michel Barnier and Competition, Joaquin Almunia.
As has transpired, with markets already closed, Draghi has argued that the purchase of short-term bond fund is not to States, contrary to the submissions of the German thesis.
But the stronger the day next Thursday. That day, German Chancellor Angela Merkel will visit Madrid, while in Frankfurt the ECB will hold its monthly monetary policy meeting, after Draghi is expected to outline the lines of action plan announced on August 2 to relieve pressure on the risk premiums are too high, in his words, "hinder" the transmission of monetary decisions of the institution.
Spanish sovereign debt will submit to the judgment of the markets, since that day the Treasury announced the auction of securities maturing in 2014, 2015 and 2016. Germany, France and Belgium also have debt auctions scheduled for that day, but the main focus will be for the Spanish.
Draghi's proposal implies that recipient countries should ask for help before European funds, which the governments of Mario Monti and Mariano Rajoy seem to want to avoid at all costs, since it would be a "strong and effective" compliance, in the words of central banker.
The measure has clearly shown the public opposition of the Bundesbank and the German Government a plan that means exceeding the ECB's mandate and funding equals States, which expressly prohibits the European Union treaties. The last to reiterate that position was the German finance minister, Wolfgang Schaeuble, in a radio interview: "We have to be in town not raise false expectations. Has to be very clear that the debt can not be financed with monetary policy . therefore we can not have a decision-would consider very wrong, that is not covered by the ECB's mandate. "
According to sources cited by Bloomberg institution, there is still no decision on the mode of intervention. The ECB Executive Board Ships today at 17 governors a list of options, as it came to light a few weeks ago in the German press, which includes setting ceilings on sovereign bond yields and risk premiums. It could also be considered the purchase of other assets, not only public debt, as has been done in the United States Federal Reserve since the outbreak of the subprime crisis in 2008.
In the market there are some who, however, prefer to moderate their enthusiasm and hope not but generally, given the enormous uncertainty surrounding the entire institutional framework should be put in place before the ECB action. Specifically, on September 12 the German Constitutional Court to rule on the legality of German participation in the European Stability Mechanism (ESM), the permanent European bailout fund to replace the temporary European Financial Stability Fund (EFSF), which expire next summer.
0 件のコメント:
コメントを投稿