スペインの株式市場は3'41%上昇し、スペインの10年国債の金利は(+420)-+426+154=5'80%
Los mercados anticipan una petición de ayuda europea para España
La prima de riesgo se acerca a 420 puntos ante el visto bueno alemán a un rescate
El Ibex cierra en 7.940,2 puntos, con un alza del 3,41% en la sesión
Evolución en tiempo real de los principales mercados
Isabel Lafont Madrid 16 OCT 2012 - 18:34 CET
Markets anticipate a request for European aid for Spain
The risk premium is close to 420 points before the German approval for rescue
The Dow closed at 7940.2 points, up 3.41% on the session
Real-time evolution of the main markets
Lafont Isabel Madrid 16 OCT 2012 - 18:34 CET
Investors assume that Spain will ask for assistance to Europe to resolve the tension on its sovereign debt and purchases have welcomed both in the stock and in the bond market. The Spanish government, they think, is closer to request a precautionary credit line to the European Stability Mechanism (ESM), a prerequisite for the European Central Bank (ECB) activate the bond purchase program announced earlier that September under the name Direct Monetary Operations (WTO, for its acronym in English). The mere announcement of this possibility has been enough to ease the cost of financing sovereign debt in recent weeks, but investors now expect a shift from the expectation to action.
After relaxing before a bill auction on 12 and 18 months today by the Treasury and rebound after the pressure in the bond market has yielded dramatically after two deputies of the German ruling coalition to Bloomberg manifest a favorable to an appeal to the European Stability Mechanism (ESM) by the Spanish Government. The market has been interpreted as a sign of flexibility from Germany, which in recent days, by the mouth of his finance minister, Wolfgang Schäuble, has shown its reluctance to this step. The reason is that the German parliament should vote for funds all is done to ESM.
The risk premium, excess return required of the Spanish 10-year bonds over the Germans, has come to give up 4 basis points (4 percentage points), after finishing yesterday at 434, to make this information public. At the end of the session was 426 points. The Italian also differential has dropped to 333 points (350 points yesterday closed in), but then rebounded to 339.
The Dow has expanded thrust maintained since the opening of the session and reached recorded a rise of 3.42% to touch a daily maximum of 7941.8 points near the end of the day. At the end stood at 7940.2 points, representing a rise in the session 3.41%. Mapfre (+9,41), Abengoa (+7,96%) and Bankinter (+6,91%) are the values that rise, while IAG (-1.83%), Abertis (-1.3%) and Enagas (-0.67%) recorded the biggest losses.
The type of 10-year bonds has yielded to 5.723% against 5.817% that ended yesterday. At the end of the day surged to 5.805%. The two-year debt has touched 3.062%, after closing yesterday at 3.199%, but at the end of the day recovering to 3.127%. The ECB purchase program provides for the purchase in the secondary market for securities with maturities up to three years, hence the market is anticipating an intervention in these periods.
Investors also digested today downgrades announced by Standard & Poor's to eleven Spanish banks, including Santander and BBVA, expected consequence after cutting the note that underwent a Spanish sovereign debt last week, from BBB + to BBB-.
The European markets have advanced strongly, underpinned by the latest data on investor confidence in Germany, advancing for a second month. The index of expectations of investors and analysts compiled by the Centre for European Economic Research ZEW, located in the town of Mannheim, stood at -11.5 in October, more than expected, compared to -18.2 in September.
London has risen by 1.12%, 2.36% Paris, Frankfurt and Milan 1.58% 2.53%. The data of industrial production in the U.S. in September, which rose 0.4%, more than expected, has reinforced the optimism on the stock.
The Treasury on Tuesday got 4863.66 million, compared to a peak of 4,500 million provided in a bill auction at 12 and 18 months, which paid a marginal rate slightly lower than last time.
Placed a total of 3400.62 million in letters to 12 months, by which offered an interest rate of 2.860% marginal, the lowest since April, from 2.978% in the previous auction held on the same characteristics September 18.
Letters also issued to 18 months amounting to 1,463.04 million with an interest rate of 3.070%, while in the previous operation was 3.150%. Today was the lowest cost to this term since March this year.
Total demand from investors totaled 13.653 million euros. The coverage ratio at 12 months was 2.71 times compared to 2.03 in September, while a year and a half has been coverage of 3.04 times, 3.56 lower than last month.
As reported by the Ministry of Economy and Competitiveness, the Treasury market has captured 75.632 million euros in debt in the medium and long term, which means 88% of the emission forecast for the whole year. The average interest rate is 3.39% issue at 30 September 2012, down from 3.90% with which closed December 2011.
This is the first auction taking place after the downgrade by S & P agency, last week. "Nevertheless, it has resulted in strong demand and lower interest rates. Investors have increased interest in Spanish debt in a context of reduced uncertainty," the Ministry said.
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