BOSSA.CZ (BOSSA.CZ)
Markets  |  April 03, 2013 09:00:00

Daily overview of the most important events


Election stalemate situation in Italy is currently governed by European market sentiment. President Giorgio Napolitano yesterday put together a team of "wise men" to prepare the reform measures that would gain broad political support. In truth, it will not be an easy task. Italy is following Greece to become the second most indebted eurozone reform and find that in the parliament found general support is almost superhuman power. Indeed, policies that would support spending cuts at the expense of their political popularity? Time is relentless and Rome but time is running out and President Napolitano. His term term ends in mid-May of this year.

Cyprusshould get the first installment loans promised in May. In return will have until 2018 to implement austerity measures to comply with European budgetary rules. Sound public finances naturally associated with painful steps to citizens, which awaits freezing pensions, raising taxes and other fees. The island pays the loan interest rate of 2.5 percent and repay it to begin within ten years. The loan must then be repaid within 12 years.

Cypriot Finance Minister Michalis Sarris yesterday resigned and his place Charris Georgiadis. Steps taken by the former minister is understandable when taking over government offices before he headed just failed Laiki Bank, whose clients now likely lose up to 80 percent of their deposits in excess of the amount of 100 thousand euros.

Tomorrow, investors will watch the ECB meetingThat OECD recommended lower interest rate. This will be followed by a press conference M. Draghi, who could comment on the events that took place in Cyprus and the requirements of the so-called "troika" (is a member of the ECB), which undermined confidence in the European banking industry.

From the European chaos now benefits the U.S., where equity indexes reinforcing. Crucial for their further development will be Friday's labor market report on the number of newly created jobs outside the agricultural sector in the U.S. in March.

On the Asian continent, today kicked off a two-day meeting of the Bank of Japan (BoJ), who chaired the first time the new governor Haruhiko Kuroda. He is a supporter and promoter of massive monetary easing. Markets from it are likely to have high expectations, the Japanese Nikkei 225 stock index today strengthens by 3 percent.It is assumed that the BoJ could increase the volume of the planned buy bonds or extend this program not covered by the closing date, or also start buying assets with longer maturities. It is likely that when tomorrow BoJ does not issue any such shocking statements within the meaning expansionary monetary policy, markets will be disappointed.

Markets in China and Hong Kong will be closed for a public holiday on Thursday closed. Hong Kong re-open on Friday, China on Monday.

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