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Markets  |  October 15, 2012 13:10:00

Comment on the main events of this week in Europe: The focus of investors is EU summit


This week will be a key event in the European Region of the European Union summit. It should not escape us what is happening in Greece, where we are still waiting for the conclusions of the inspection threes. In addition, eurozone leaders over the weekend IMF meeting in Tokyo said that Spain could ask for financial aid as early as next month. The resulting sentiment in the financial markets in the finals will depend on whether the hope that Spain will ask for financial assistance, outweigh the concerns of investors from weak earnings season in the U.S..

Spain

Next weekend in Spain will be held municipal elections. You are probably one of the reasons why Madrid have officially asked Europe for help. Another reason why southerners request delay, according to Reuters, the fact that Germany wants the Spaniards officially asked for help until next month. The application would then be probably solved in one big package with the revised credit program for Greece and Cyprus rescue. Such a package would be at least to the eye of the German Parliament and its constituent less painful.

Madrid could be back on Thursday financial markets pinned to the wall, when it will be able to offer their 3-year, 4-year and 10-year bonds. In the event that the purchaser of these reflected sufficient interest, its price decreases and yields vylítnou upward. High returns are then to become a huge load of debt financing.

Greece

International Monetary Fund (IMF) last week sent a message to Germany that Greece needs more time to be able to reach the limits of indebtedness to which the adoption of international financial assistance committed. IMF explained by its position that Athens has already made significant progress in tightening their belts and now need to make the country more focused on reviving economic growth. Whether Athens gets more time to meet the conditions of the loan will depend on the results of inspections Troika.

The German economy

On Tuesday will be published in German economic sentiment index for the next six months. This indicator publishes each month the German Centre for European economy (Zentrum für Wirtschaftsforschung Europaische), known by the acronym ZEW.The indicator represents the expectation of future economic growth in Germany based on a survey 350 institutional investors and analysts. Analysts expect this month to reach a value of minus 14.6 points. For comparison, in September, the indicator minus 18.2. In the event that the value ZEW will actually better (higher) than analysts expected (- 14.6), it will be seen very positively markets.

EU summit

At the end of the week at the summit. He recently brought a very positive message. For example, European leaders agreed on the possibility of creating banking and fiscal union, bank recapitalization and growth pact in the amount of 120 billion euros. This time they will talk about Spain and help meet debt extension limits of Greece.

The financial results of Nokia

The Finnish company Nokia, a leading manufacturer of telecommunications equipment, on Thursday published its financial results. Nokia was once the world's largest manufacturer of mobile phones. Its market share began to decline significantly with the sale of smart phones especially Apple and Samsung. Then on Friday, the company will launch a new range of mobile phones Lumia, on the sale of the company's future will depend much.

Source: Reuters

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