TRIMBROKER (TRIMBROKER)
Markets  |  December 03, 2012 15:13:40

The second Greek haircut, loses euroval rating


iPoint.cz Trading during the last month of the year started out nice pulp, when the production sector of the Chinese economy in November, confirmed by the expansion, so októbrový good result was not a coincidence. Moreover, even got into the expansion of unofficial and independent research by HSBC manufacturing sector. Although Chinese shares fell in response to the lowest level in the last four years (hauled consumer goods), in the markets we have seen a positive response, the USD weakened. What is remarkable to shares of the former colony of Hong Kong, China, are doing more in October, the highest traded in the last year and a half

Eurozone to fully concentrate on buying up Greek debt, which officially began today, and its essence is that the Greek banks and pension funds received for a Greek bond 30 40% of the nominal value and nečakali to maturity. They can do this willingly and first results, we should already know the end of this week. The volume should reach € 10 billion, but this is less than the initially talked (about € 30 billion to 12 December), so it will be interesting, and it manages to Greece. IMF because this action follows and according to its results will be decided whether or not to further participate at the Greek project.

Let it happen like anyway, just watch the second Greek haircut for the last two years, when they go to more lenders acknowledge loss. The more you read them priznajú, the better for Greece and worse for creditors and their solvency.It will be interesting how this situation vybalansuje Greek government (as in the case of insolvency own banks will need to intervene). Currently dominates the positive mood, because apparently will offer more than 35 cents per euro of its debt, the margin at 11 year bond varies from 38 to 40 cents on the euro debt.

Creditors receive a new treasury bills with a maturity of 6-monthly from the EFSF. Euroval (thus also well EFSF ESM) having the right to get a lower credit rating from Moody's, well after the fact than in January reduced the EFSF rating agency S & P, added to other agencies. The reason is that recently this same credit rating agency reduced the highest rating of France and since this country is one of the biggest guarantee eurovalu, this step is logical.Structure, where the landscape indebted guaranteed by even more indebted countries has thus begins naštrbovať and creditors fingers crossed for a few years now receiving much like, say, 40 cents on the euro debt guaranteed eurovalom. Behold waivers Greece Years ago, it was unthinkable. Just like it was previously salvaging area countries and even previously non-compliance with the rules of the Maastricht Treaty. Times (and it seems that even the rules) are changing.

Across the Atlantic, of course, still raging fight. Also, with the debt crisis, otherwise called flax fiscal cliff. Negotiations have not progressed anywhere, and the biggest problems can carve Republicans' self-esteem. And they are convinced that June 2011 (when the U.S. under debate almost bankrupt) its so politically damaging and they go again assert government spending cuts (and thus also in the Obamacare) via debtceiling, using for this problem is the Democrats are completely reload from different angle. They want to abolish debt ceiling (which suggests Treasury Secretary Geithner) and they want to substantially raise taxes for the rich. Of course, the debate has always begins by extreme proposals, which were subsequently zľavuje. But only a week ago-market grew by two on the reports that a deal is very close. Well, it appears that even very not. Yet.

Today's trading is borne by the sign production sectors and their surveys, we already mentioning the Chinese, the eurozone came in line (despite slabšiemu Italy and France), the UK presented above expectations but remains seventh month and no contractions in the U.S. we wait. Expected to continue expansion, although weaker pace than in October. Furthermore, we show staviteľskom spending in the sector, where the expectations are set forth.

U.S. stocks had overcome the third day of testing with the 50-day average price, which is located at 1421 to 1422 and which has not been surpassed since mid-October. If we were today closed the above, it would mean that male bovines fiscal cliff while mind and is able to suppress the market higher. If it fails again, the profit growth of the probability of selecting the direction of the 1405th

Author: Thomas Swimmer | TRIM Broker, as | Trading on exchanges TRIM Broker


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