スペインの株式市場は、1'15%減少し、スペイン10年国債の金利は+427から+412で5'71%?
Los mercados se retraen ante las dudas sobre la solución de la crisis europea
El Ibex cae un 1,12% al cierre y se sitúa en 8.138,4 puntos
La prima de riesgo se relaja hasta 412 puntos tras tocar 427
Evolución de los principales mercados en tiempo real
Isabel Lafont Madrid 24 SEP 2012 - 17:57 CET
Retract markets amid doubts over European crisis solution
The Dow fell 1.12% to close standing at 8138.4 points
The risk premium is relaxed to 412 points after hitting 427
Evolution of the main markets in real time
Lafont Isabel Madrid 24 SEP 2012 - 17:57 CET
The markets started the week under the shadow of the new questions that overshadow the way to the resolution of the European debt crisis. This time discrepancies aired during the weekend between German Chancellor Angela Merkel and French President François Hollande, the timetable for implementation of the banking union. This point is key to Spain, since it is the precondition for the European bailout funds to finance directly to banks that need help, but are computed as sovereign debt.
The Dow started the day down and closed with a drop of 1.12% and has been placed at 8138.4 points. On Friday, the main indicator of the Spanish stock market was up 2.6%. Abengoa (-4.41%), Ferrovial (-3.15%) and Sacyr Vallehermoso (-3.09%) are the values that have fallen, while Mapfre (+2,37%), Enagas (+1, 47%) and Endesa (+1.19%) are the most gains have been scored.
The risk premium, the spread between the interest rate that investors demand in the secondary market the Spanish 10-year debt over German, has managed to touch 427 basis points (4.27 percentage points), although at the end of the time has stabilized at 412 four below its close on Friday.
European shares also suffered from uncertainty about the debt crisis. London ended with a fall of 0.24%, 0.52% Frankfurt, Paris and Milan 0.95% 0.78%. On investors weighed the latest data of business climate in Germany, which fell unexpectedly in September to its lowest level in two years. The index compiled by the Ifo economic research institute, which is compiled from a survey of 7,000 business managers, fell for the fifth straight month to 101.4, compared to a reading of 102.3 in August. This is the lowest reading since February 2010.
The attention of investors will remain fixed in Spain this week. Mariano Rajoy's government on Thursday approved the draft of the State Budget for 2013, which will contain further tightening measures. On Friday made public the report by consultancy Oliver Wyman, who has coordinated the audits of major Spanish banks to determine their capital needs.
The divergence between France and Germany on the future union bank was staged last Saturday, during a meeting in the German town of Ludwigsburg to commemorate the peace of both countries at the end of World War II. While Hollande called for launching "the sooner the better", Merkel said that we must act conscientiously and be seen "how much time it requires."
At heart beats German resistance placed under the supervision of the European Central Bank (ECB) all euro area banks from 1 January next year, as support, as well as France, Spain, Italy and the European Commission . Instead, Berlin wants to cede jurisdiction over only larger banks because they want the supervision of regional, called Landesbank, remain under German command.
The bond market continues to show the gap between countries that are perceived as more creditworthy. While profitability harden investors requiring emissions of Spain and Italy, are willing to pay for security to acquire securities issued by French and German Treasuries, resulting in negative interest rates.
Germany has launched market today 1,172.5 million euros to twelve months with a negative average return of 0.0184%, compared with 1,975 million euros and -0.0246% in a similar auction in late August. The coverage ratio of the emission was 5.1 times.
In addition, the German Treasury (Finanzagentur) retained 1827.5 million euros to place later in the secondary market, with better conditions, so that the total emission volume has added 3,000 million euros. According to Efe, the fee normally reserves for placement in the secondary market is 20%, but today it has reached 60% of the total emission volume.
France today has placed EUR 6.765 million with maturities of three, six and twelve months with demand more than tripled the size of awards, according to Agence France Treasury (AFT). As has happened continuously since July 9, emissions at three and six months were resolved with a negative interest: 3.798 million euros to twelve weeks have been placed at -0.016% -0.012% compared to last week and 1698000 to 25 weeks to -0.008% -0.004% compared with September 10. Also have been awarded to 51 weeks 1.269 million were placed with positive interest of 0.008%, but less than 0.029% on Monday of last week.
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