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Currencies  |  March 11, 2013 13:24:49

Periphery fighting for every euro of growth, U.S. stocks on new rekordoch


iPoint.cz U.S. stocks in new rekordoch

The U.S. economy continues to improve his mood, when they were published on Friday in the excellent data from the labor market. The unemployment rate fell to 7.7% from 7.9%. Even if you drop it in the background is the deletion of the long-term unemployed labor, absolute job creation at 236 thousand. is an excellent result. The stock market reacted to the growth of data, even just green bill. To shares helped even very good results záťažových testing U.S. banks' balance sheets and also behold comparable sales company McDonalds (+1.7%). Fridays cocktail stock: Dow Jones +0.47% SP500 +0.45%, Nasdaq Composite +0.38%.

Italy with a lower rating of

The euro on Friday did not help reduce Italy's credit rating by a rating agency Fitch to BBB + from A-. The reason is political development, still persisting recession as well as the expectation of continued growth in the debt ratio. Reducing rating was basically expected, since the three main agencies for Fitch Italy had the highest.

Periphery fighting for every euro growth

Negative developments in Italy is given several factors, but most important thing is the team weak economic growth. Similarly, on the whole circumference. Economic growth is in the situation of being unable to devaluation only instrument, how to get out of the problems. But how to generate growth, which should improve the development, and companies have high interest rates and against core countries are also thanks to this parameter nekonkurencieschopné?

Interest rates divergujú

This graph shows the problem the company Exane BNP Paribas, in which we see how much of the basis-point higher average loan in the periphery compared to the core of the maturity of 1-5 years. While in Belgium, Finland or Austria, companies požičajú even cheaper than in Germany, the premium in Portugal, Greece, Italy or Ireland are significant.

ECB seeks solutions flax

That's why the ECB president Draghi said on Thursday that the central bank will try to find a way of getting started crediting small and medium-sized enterprises in the periphery. Germany is of course the dislike pretext balance of risks to the ECB, but the most important is that Germany current situation suits.

Spexit still a possibility

The decline in labor costs in Spain, for example, was relatively strong, well protivetrom are still high interest on loans from the. At the same time, social tension is very large and it is questionable whether Spanish voters will tolerate yet further improve competitiveness in the form of wages decline by 10-15%, which the country needs, or Spain will go through revolt and leaving the eurozone.

Known expert on international finance Michael Pettis still leaving Spain gives a high probability of the euro area and information about the current account deficit of Spanish trade balance declined, do not tell the whole truth. For the decrease is because import and collapse due to high unemployment rates, not super fast growth of exports. Mind you, that that Spain could repay its debt, it needs a current account surplus and not decrease the deficit.Eurozone and waits on the way out of the crisis yet in many problems. ECB may be a tool that portion of them may remove, no intervention, it must be used and not abused.

View on today

After the sample data NFP today financial markets unwind. Today the neočakávame no macro data from the U.S. or the euro area. Should achieved so far and to continue the trend. Drop cables and growth stocks. The euro is trying to create an intra-day bottom, no bulls still need to really show that the euro wants to grow.

Author: John Benaki | TRIM Broker, as | Trading on exchanges TRIM Broker


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Periféria bojuje o každé euro rastu, US akcie na nových rekordoch

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