TRIMBROKER (TRIMBROKER)
Markets  |  April 03, 2013 13:15:00

Eurozone violates its own rules


The future is here

SP500 stock index ended trading yesterday at a new historical maxime and so followed the recent growth of the Dow Jones to record levels. Nasdaq bubble in view of the level of 2000 still has before him a long time to have reached new highs. Certainly it is worth noting that, while in 2000 the technology sector flax bubble is actually currently we can talk about the internet economy, is not it an interesting article on server medium.com .

Indexes on new maximách

Are most successful at yesterday Health segment, since the health care providers have managed to push through higher payments for services from the federal Medicare system of social welfare. On the contrary, due to the decline in oil and precious metals mostly fell yesterday segments of basic materials and energy. Yester cocktail stock: Dow Jones +0.61% SP500 +0.52%, Nasdaq Composite +0.48%.

Cyprian Finance Minister resigned

While the stock market grew, the euro was relatively peaceful. Absent is a key representations about Cyprus. The only important given the administration was that it cyperský Finance Minister Sarris resigned and was replaced by Minister for Labour Georgiades. Cyprus so peaceful nerozbúril FX market, no uncertainty about political developments in Italy nevertheless withdrew euro down.

Eurozone bends the rules so as needed

If now we look at the history eurokrízy we find that most were killed during many myths. Barclays analysts have made an interesting list of the abuse. This is the exception that confirm the rule ... that the rules will be to bend as it will need to:

  • no country will be under the agreements of the EU saved: broken in a Greek rescue;
  • ECB never redeem landscape: broken in Greece, when the ECB started buying bonds landscape and then in the fall of 2012, when it was announced OMT program;
  • debt of EU countries can not be restructured: when broken Greek PSI;
  • senior lenders bank will not bail out banks (bail-in): broken in Cyperskej rescue;
  • deposits in banks are sacred: the broken Cypre, when depositors in banks over 100 thousand. euro will bear great loss;
  • Discussions about leaving the Eurozone are misguided: the discussion about leaving the euro area have appeared in Greece in the first half of 2012, and now in Cypre;
  • The IMF is always ready to help: broken in Greece, where the IMF would not have to save the landscape given the high debt ratio.


Policies as the Maastricht criteria or new fiscal pact rules Needless to reminisce about. So far, they are not respected by all countries. Crisis but also showed a much darker aspect of the policy as blackmail Cyprus and Ireland from the ECB or circumvent democracy in Greece, Italy and the Cypre. Eurozone, which wanted to be a counterweight to the United States and in Asia tigrom so it crashes, while respecting the rules that created itself. For investors, this is not too good signal.

Germany: crisis is an opportunity

One of the few countries, where the crisis of the current Dari profit, is Germany. The attached chart shows how the country managed by pain, no measures efektívnych get out of the recession after the collapse of technological bubble and the current unemployment rate is the lowest since German unification. Germany now wants to show all the way Belt tightening will be used to improve crisis of the economy. The problem is that in a country like Spain, where they have a high proportion of services and real estate sector is becoming very difficult to export superpower. That's what Germany had done, they can not make all. Global export will ultimately be equal import. If you want to export the entire euro zone, the question is where. Unfortunately, we're on Mars, as it humorous talks Paul Krugman, it will not go



View on today

Today, we expect the U.S. ISM data relevant sector and later nevýrobného ADP employment. Both results will be for March. And end with results above expectations, they should help the U.S. stock market in the further process, while for the worse last Eurodollars ISM manufacturing sector declined. So the development of the market today will again interesting.

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


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