iPoint (iPoint.cz)
Czech markets  |  August 07, 2012 09:11:06

Equity outlook 8.7: Let's get a quick dance, music will not play long ...



iPoint.cz

The absence of any major economic data sent the markets in the opening session this week with the above as positive sentiment continues to prevail due to the expected intervention by the ECB. Ten-year bond yield of the Spanish returned to below 7% (currently 6.74%), which calms the situation in Europe. In the case of the ECB, together with rescue funds actually come to the markets and hits can be expected to yield significantly more look below. Why this is still today is not counted in bond rates is caused by a dose of caution investors, the extent to which interventions to agree with Germany. It currently represents perhaps the only visible obstacle, but we do not believe that approval would not occur. The reason is that the crisis has gone too far, or it begins to press the advanced economies in the euro zone including Germany.Purchase of ten multi-Spanish bonds could then be an interesting short-term speculation, and even if they are currently relatively adequately valued. The ECB could also come with a limit of maximum yield bonds on the secondary market. This option would not currently represented quite a big commitment and therefore we tend to be less likely. As a long-term investment but Spanish bonds are currently taboo - there are many safer investments with a similar yield. In addition, the ECB's intervention certainly will not last forever and income may some time return above 7%. Short-term optimism associated with the intervention of central bankers dissipate within a few days at a time when they will be published next macrodata negative, especially from Europe and China.Intervention in the real economy bond markets affects only marginally and at a very short time, even with all the delays of several months. Therefore, let us just a quick dance because the music in just a little while longer to play ...

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