Commerzbank (Commerzbank)
World markets  |  September 10, 2010 14:09:25

Weekly 36th week - more general themes, holidays alleviate investors' interest


The past week was marked by public holidays, which stepped on the markets activity, which was still quite low - on Monday, U.S. stocks closed Labour Day and the end of the week belongs to the Jewish New Year.This is why Europe on Monday, followed by positive sentiment from Friday on the basis of good data from the U.S. labor market. Overall expecting any major events and important dates and extra earnings season is over, so the surface were leaving things rather more general in nature and limited extent influenced the behavior of markets. On Tuesday, there were doubts about the health of the European banking system with regard to the forthcoming Basel III measures that should be known on Sunday. Wall Street Journal questioned the results of the European stress tests with the fact that underestimated the risks of certain state bonds held in bank portfolios. The debate continued in the coming days and focused on the German financial institutions. There have been estimates that it will have to increase in future capital of 105 billion euros to meet the conditions for capital adequacy.Deutsche Bank did not hesitate and started as the first - decided to raise capital by 9 billion euros, and wait for a rainy conditions, to add others. Overall, stocks did not react but not significantly and gradually returned to their original values ??based on the belief that adaptation to the new rules will be enough time.

For Tuesday's negative sentiment contributed data on German industrial orders, the number fell unexpectedly by 2.2%.The disappointment did not last long but, as investors realized that compared with the impressive growth in Q2. The German economy has certainly curbed, but not expected to reverse gear.

Markets continue to move in narrow range as negative messages that appear, are no longer valued and optimism is too early. The views are such that the pacing will continue until the November U.S. elections. Thursday's data showed rather more optimistic variants of further development, if there was an unexpected drop in new applications for unemployment benefits, but doubts remain. Due to the holiday pondělnímu some states did not deliver data and U.S. labor office is only estimated.

The order of the day came and the situation in the troubled euro area countries. Portugal managed to put a bond issue worth 1.04 billion euros and send relatively positive signal. The Irish government announced its intention to begin to gradually withdraw from the troubled Anglo-Irish Bank. On the contrary, the National Bank of Greece announced that it has to raise capital by 2.8 billion euro in order to face the debt crisis. The measures taken include the sale of a stake in the profitable Turkish branch. Stocks reacted to a sharp decline. Norway stated that it gradually into your fund buys bonds above mentioned security risk countries - with its 450 billiondollars is a noticeable market power.

In the corporate sphere, nothing significant happened. For surely worth the attention of the appointment of HP chief Hurd discarded chairman of Oracle. Hewlett-Packard, of course, prevent the action. Shares of Adobe Systems on Thursday jumped by more than 12% after Apple's announcement that more open platform for iPhone and iPad applications from third parties.

Mary Kolovratová,Commerzbank analyst

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