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Macroeconomics  |  September 06, 2012 17:41:02

Big day for the markets in a nutshell: ECB surprised the U.S. labor market also

The European Central Bank left its key interest rate surprisingly to 0.75% and initiate repurchases bonds of European countries. The U.S. labor market has arrived significantly better numbers than expected.

ECB surprised
  • ECB kept its key interest rate unchanged at 0.75%. Market expected to decrease to 0.5%. Responded to the report of abrupt strengthening of the euro against the U.S. dollar. Gains but surrendered during a press conference ECB chief Mario Draghi.

  • Draghi said that the bank has decided to reopen the program redemption of bonds of European countries. Plans to direct intervention in the secondary bond market.The volume will be limited, but purchases are subject to specific conditions. Each week, the bank will report the details of its interventions in the bond market. Draghi has also confirmed yesterday announced "sterilization," or balancing every purchase of sale of other assets.

  • ECB wants to countries whose bonds repurchased allow calm, cheaper loans and stabilization, intends to buy particular bonds with maturities of up to three years, they will have the greatest effect of intervention. In addition, the bank would not be a preferred creditor as yet (its claims would not be satisfied with priority over other creditors), which should motivate other investors for purchases of bonds of European countries.

  • European governments must Draghi according to progress in fiscal consolidation, the rescue fund EFSF and ESM to be fully functional. ECB intervention without the support of politicians, or individual governments would not be effective, for example, the ECB can not help to agree with the International Monetary Fund, it is a question of governments.

  • Regarding collateral received from commercial banks ECB plans to issue a separate report.

  • Inflation, according to the ECB in the euro area should return below 2% in 2013, this year has at the end of the year to be between 2.4 and 2.6%. The Bank also has a worse economic outlook: eurozone GDP to fall by 0.2 this year and 0.6% next year, the GDP growth to be between -0.4 and +1.4%.

  • Rates or the current asset purchase program unchanged Bank of England.

Read also:

  • U.S. awaits the worst depression of all time. Why did it end so badly?
  • When to sell, when to buy: Three key sign for further development of the market
  • Daniel Písařovicová: Which Czech economists welcomes broadcast biggest pessimist on the TV screen?
  • U.S.: Better numbers from the labor market

    • In the U.S. private sector in August created 201,000 jobs expected to only about 140,000. Positive was the revision numbers for July (vs. 173,000. 163,000 originally).

    • Good news came the respect of requests for support in the U.S. - new applications were 365,000, 370,000 waited. Overall, before the "big" Friday's unemployment rate is good news for the U.S. economy, maybe a little worse for those who call on the Fed and the U.S. economy further support asset purchases (QE3).

    • ISM index of activity outside the manufacturing sector in August rose to 53.7 points from 52.6 points in July. He waited with a decrease to 52.5 points.

    • The result? U.S. macro data and information from Mario Draghi supported the European stock markets, which have reached 5měsíční maxima, the American returned to the level of multi-highs.

    • France sold 10-year government bonds worth 3 billion euros. The average yield fell to 2.21%, the lowest since 1999. Better than a month ago and fell auction of Spanish bonds.

    • Industrial plant orders in Germany in July, prices increased by 0.5% (in June -1.6%), is expected to grow only by 0.2%. Domestic orders rose by a percentage orders from other eurozone countries dropped by 0.6%. That the failure of exports in Germany could replace domestic demand?

    • Unemployment rate in Greece in June climbed to a record high 24.4% in May, after the revision of 23.5%. Unemployment rate in Greece is more than double the average of the euro area.

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