iPoint (iPoint.cz)
Czech markets  |  September 10, 2012 09:08:17

Share views 9.10: London's lived! (+ PX)


Maria Draghimu on Thursday managed to kick the markets are much more pronounced than when they promise to do everything to save the euro with the words "and believe me, it will be enough!" Euro is strongest against the dollar over the past 5 months, risky eurozone bonds experienced a perfect rally U.S. stock indexes are at their highs of several years. Since the beginning of September was enough for ten-year Spanish yield bonds drop by more than 120 bps to the current 5.63%. Now it will be interesting to watch the Spanish and Italian auctions. O bonds in the secondary market might be short of great interest, however, quite contrary to what may be the primary market. Whether the ECB intervention helped markets or merely distorted and ultimately more damaging, only time will tell.The initial reaction of investors but is very optimistic and suggests that a large proportion of the participants believe that we have the worst of it out already. It is true that the ECB intervention can be seen as a very elegant when in their balance sheets will přikupovat risky eurozone bonds, but at the same time there is no overall increase in the balance, which will not affect the fundamental weakening of European currencies. This in turn is not good news for European equity markets, as in the financial system will not find excess liquidity. It may thus be a temptation rather spillover funds from the stock back to the bond market. A stronger euro would then smothered balance of trade export-oriented economies and capital inflows.However, we believe that the current surge in the Eurodollar is only temporary and turnover could come as early as this week, when the Fed committee meets with the announcement that there will be another round of quantitative easing ...

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