Cyrrus (Cyrrus)
Markets  |  December 04, 2012 10:00:35, updated

Joint Stock breakfast 12.04 - Fiscal cliff, Greek buyback, macro


Overview of the main events for Tuesday, the 4th December 201

 

USA

The debate on fiscal cliff does not move much

ASIA

Australia cut rates

EUROPE

Details of the Greek buyback

SUPERSPAD

Deutsche Post

Upcoming Events

15:45 ISM New York

USA

Fiscal reef

  • The House yesterday rejected Obama's proposal to increase taxes
  • On the contrary, the House proposes to reduce spending on health care and the introduction of a tax ceiling for the rich
  • Due to the fiscal cliff firms postpone investment and waiting for what will be the tax
  • This may have an impact on jobs and economic growth

ASIA

Australia

  • Reduced the rate from 3.25% to 3%, as expected
  • This is the lowest level in 50 years (the same as in 2009)
  • They want to weaken the currency, which is detrimental in foreign trade

EUROPE

Greece

  • Min.fin eurozone yesterday expressed confidence in the successful buyback
  • Bondy want to redeem for 32% - 34% of the nominal value, the initial proposal was for a 28%
  • This way is more likely to involve multiple creditors
  • Participate are likely those who bought bonds at the beginning of the year + some Greek banks
  • Successful auction is absolutely essential for the restructuring plan set

EU

  • Today they have a meeting of EU finance ministers at 9:00 am
  • Will discuss the crisis

SUPERSPAD

Deutsche Post

  • Sell ??convertible bonds worth EUR 1 billion
  • Under certain circumstances, this means dilution of shares (eg not convert it into action in less than 5 years)
  • They want to deal with the deficit in the pension plan
  • Pre-market -2%

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Akciová snídaně 4.12. - fiskální útes, řecký buyback, makro

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