Cyrrus (Cyrrus)
Markets  |  December 04, 2012 10:00:35, updated

Joint Stock breakfast 12.04 - Fiscal cliff, Greek buyback, macro

Overview of the main events for Tuesday, the 4th December 201



The debate on fiscal cliff does not move much


Australia cut rates


Details of the Greek buyback


Deutsche Post

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15:45 ISM New York


Fiscal reef

  • The House yesterday rejected Obama's proposal to increase taxes
  • On the contrary, the House proposes to reduce spending on health care and the introduction of a tax ceiling for the rich
  • Due to the fiscal cliff firms postpone investment and waiting for what will be the tax
  • This may have an impact on jobs and economic growth



  • Reduced the rate from 3.25% to 3%, as expected
  • This is the lowest level in 50 years (the same as in 2009)
  • They want to weaken the currency, which is detrimental in foreign trade



  • Min.fin eurozone yesterday expressed confidence in the successful buyback
  • Bondy want to redeem for 32% - 34% of the nominal value, the initial proposal was for a 28%
  • This way is more likely to involve multiple creditors
  • Participate are likely those who bought bonds at the beginning of the year + some Greek banks
  • Successful auction is absolutely essential for the restructuring plan set


  • Today they have a meeting of EU finance ministers at 9:00 am
  • Will discuss the crisis


Deutsche Post

  • Sell ??convertible bonds worth EUR 1 billion
  • Under certain circumstances, this means dilution of shares (eg not convert it into action in less than 5 years)
  • They want to deal with the deficit in the pension plan
  • Pre-market -2%

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Akciová snídaně 4.12. - fiskální útes, řecký buyback, makro

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