アメリカ合衆国の財政協定で、スペインの10年国債の金利は+359で4'9%に下落(株式心理?)
El pacto impulsa las Bolsas europeas
El Ibex abre el año con un fuerte repunte del 3,43%, al frente del resto del Viejo Continente
La prima de riesgo se sitúa por debajo de los 360 puntos y baja a niveles del pasado abril
Estados Unidos se salva del ‘abismo fiscal’
Las claves del pacto que salva a EE UU de la recesión
Consulta la evolución de los principales mercados al minuto
Amanda Mars Madrid 2 ENE 2013 - 17:44 CET
The deal boosts European shares
The Dow opened the year with a sharp rise of 3.43%, across the rest of Europe
The risk premium is below the 360 points and low levels of last April
U.S. saves the 'tax gap'
The keys to saving covenant to the U.S. from recession
See the evolution of the main markets at minute
Amanda Mars Madrid 2 ENE 2013 - 17:44 CET
The brightness of the first day of the markets in 2013 was the grace of the United States. Investors blessed end the agreement on Wednesday, pulled reluctantly, but at the end of the agreement reached in Washington to avoid the so-called tax gap and avoid a crisis in the world's largest economy with disastrous global effects. Doubts remain over the medium term. The International Monetary Fund (IMF) warned of the need for a comprehensive plan. But at least today there was a lull. Europe took the lead of the rally, the hot money got out of safe havens, he turned on the stock versus bonds and bonds of countries currently considered at risk, such as Spain and Italy-face titles debt, for reliable, pay less interest. Wall Street also opened in green, with gains of about 1.67% to a closing time of the session.
moreThe U.S. Congress votes the covenant that prevents the 'tax gap'What is the tax gap?
What Republicans and Democrats were able to agree on the morning of Tuesday to Wednesday is, in general, the postponement for two months of a package of cuts and a tax increase affecting only the highest incomes and exempt classes stockings. So Wall Street and large plazas around the world calm-breathed. "The pact is a kick forward to some extent, but at the same time investors understand it's a way of ensuring for now U.S. growth," said Javier Galan, equities manager at Renta 4.
The hitch in the U.S. indices, however, was more content than the European markets, as on the last day of December 31, with markets closed in Europe and by the time change, markets were already anticipating that this pact would be possible and the American stock markets had improved. Yesterday, an hour of closing, the Dow Jones industrial grew 1.67%, S & P 1.86% and the Nasdaq 2.37%. Also the Japanese Nikkei was up 0.70% and 1.15% Mexico.
But the great parks of the Old Continent premiered the year with more verve: Frankfurt rose 2.19%, Paris and London 2.55% 2.20%, but places most enthusiastic were none other than those of Milan (3 , 81%) and Madrid (3.43%), those of the two countries at the epicenter now fears the Eurozone crisis. For Spain, supposed to reach a level of 8447 points, that failed since last March.
Low pressure on Spain
AMANDA MARS
When fear loosens, the appetite for high returns beat prudent investor decisions. This explains why markets Wednesday loosen the pressure on the bonds of countries like Spain and Italy. With the shadow of the rescue always lurking, the Spanish risk premium, which is the difference in interest paid over the German 10-year bonds (those considered more reliable), dropped in a single session in 35 basis points to be at 359 (or 3.5 percentage points). That is, investors demanded yesterday in the secondary market (the securities already issued) a return of 4.9% for purchasing the 10-year bond, compared with 1.4% who asked the German titles.
Also Italy, with all its political uncertainties, had a good start of the year and if risk premium surged by 34 basis points to be at 283, with interest at 4.2% bonds.
By contrast, the 1.43% interest that German bonds is paid yesterday its highest level in three months. An auction held today by the German Treasury is a good example of why some investors lose attachment to the brand of Berlin: the titles to two years were placed at an interest rate of 0.01% and demand was lower than that of the last issue .
"In Europe there are many risk factors this year, but there are immediate and there is also a risk underweight and more money now going to the stock market in search of higher returns. Let's see transfers of money from fixed income to equities, "said Jose Luis Martinez Campuzano, of Citigroup.
This logic also explains why investment as a result of the U.S. agreement, the U.S. 10-year bonds fell in price and profitability that pay reached its highest level since Oct. 25, according to Bloomberg data. "In recent days, many investors believed would occur that U.S. fiscal gap and chose to place money on these products, but today have sold have been avoided," said Galán.
The euro, even though it was up for most of the day, lost some ground to the dollar and the euro over switching for greenbacks 1.316, compared to 1.320 of January 1. The price of a barrel of Brent crude, the European benchmark, rose 1.19% to $ 112.43, the highest since October.
But the pact has crystallized U.S. desperately and that raises questions for the future, beyond the euphoria of yesterday. To Campuzano, Citigroup, "This is a very challenged by the lack of specificity in some cuts and big political disparity suggests that the agreements will be difficult on the debt limit for later." Brilliance of the first day of markets in 2013 was the grace of the United States. Investors agreement yesterday blessed end, pulled reluctantly, but at the end of the agreement reached in Washington to avoid the so-called tax gap and avoid a crisis in the world's largest economy with disastrous global effects. Doubts remain over the medium term. The International Monetary Fund (IMF) warned of the need for a comprehensive plan. But at least there was a lull yesterday. Europe took the lead of the rally, the hot money got out of safe havens, he turned on the stock versus bonds and bonds of countries currently considered at risk, such as Spain and Italy-face titles debt, for reliable, pay less interest. Wall Street also opened in green, with gains of about 1.67% to a closing time of the session.
What Republicans and Democrats were able to agree on early yesterday is, in general, the postponement for two months of a package of cuts and a tax increase affecting only the highest incomes and exempting the middle class. So Wall Street and large plazas around the world calm-breathed. "The pact is a kick forward to some extent, but at the same time investors understand it's a way of ensuring for now U.S. growth," said Javier Galan, equities manager at Renta 4.
The hitch in the U.S. indices, however, was more content than the European markets, as on the last day of December 31, with markets closed in Europe and by the time change, markets were already anticipating that this pact would be possible and the American stock markets had improved. Yesterday, an hour of closing, the Dow Jones industrial grew 1.67%, S & P 1.86% and the Nasdaq 2.37%. Also the Japanese Nikkei was up 0.70% and 1.15% Mexico.
But the great parks of the Old Continent premiered the year with more verve: Frankfurt rose 2.19%, Paris and London 2.55% 2.20%, but places most enthusiastic were none other than those of Milan (3 , 81%) and Madrid (3.43%), those of the two countries at the epicenter now fears the Eurozone crisis. For Spain, supposed to reach a level of 8447 points, that failed since last March.
"In Europe there are many risk factors this year, but there are immediate and there is also a risk underweight and more money now going to the stock market in search of higher returns. Let's see transfers of money from fixed income to equities, "said Jose Luis Martinez Campuzano, of Citigroup.
This logic also explains why investment as a result of the U.S. agreement, the U.S. 10-year bonds fell yesterday and profitability price paid reached its highest level since Oct. 25, according to Bloomberg data. "In recent days, many investors believed would occur that U.S. fiscal gap and chose to place money on these products, but today have sold have been avoided," said Galán.
The euro, even though it was up for most of the day, lost some ground to the dollar and the euro over switching for greenbacks 1.316, compared to 1.320 of January 1. The price of a barrel of Brent crude, the European benchmark, rose 1.19% to $ 112.43, the highest since October.
But the pact has crystallized U.S. desperately and that raises questions for the future, beyond the euphoria of yesterday. To Campuzano, Citigroup, "This is a very challenged by the lack of specificity in some cuts and big political disparity suggests that the agreements will be difficult on the debt limit for later".
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