Cyrrus (Cyrrus)
Markets  |  June 29, 2012 10:23:48

Breakfast joint stock 6.29 - EU Summit surprising surge in commodities and risky assets in general, macro


Overview of major events for Friday, the 29th June 2012

U.S.  

Markets react to the conclusions of escaping from the summit  

ASIA  

A positive reaction to the summit  

EUROPE  

1st day of the summit positively surprised  

SUPERSPAD  

Nike - worse results  

COMMODITIES  

The rapid growth  

Upcoming Events  

11:00 EZ inflation
14:30 U.S. Personal Consumption
15:45 Chicago PMI
15:55 Michigan Uni confidence

ASIA

  • Asian markets rose under the influence of reports from the EU summit

EUROPE

Summit Day 1 ended at 4:30 am

  • They agreed on a unified bank supervision for the EZ
  • Spanish banks will not loan priority over other creditors in Spanish
  • Under certain conditions, banks can recapitalize the fund ESM -this introduces in the near future  
  • The pro-growth pact EUR 120 billion (ultimately for resistance and agreed SPA ITA)
    • This will provide half of the EIB, which will increase capital by EUR 10mld and will be able to provide 60 billion loan
  • Funds EFSF and ESM can be used to recapitalize banks in the EZ and it will not go into debt affected countries (W Merkel)
  • Countries that meet the EU's budget rules will have access to funds EFSF and ESM to support bond without the harsh conditions of farming - this should help to stabilize the bond market
  • They discussed measures to reduce short-term bond yields - all ways to reach, are open (as Juneckera)
  • Hollande refused to agree with the Fiscal Pact

Today's program

  • deepening political and economic union in Europe
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Akciová snídaně 29.6. - summit EU překvapuje, prudký růst komodit a rizikových aktiv obecně, makro

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