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Markets  |  December 13, 2012 10:00:00, updated

Joint Stock breakfast 13.12 - Bernanke and QE3, fiscal cliff, Union Bank, macro, bonds

Overview of key messages for Thursday, the 13th December 2012




Bernanke expanded QE3  



Day 11 grew in a row  



Approved single bank supervision





Upcoming Events

10:00 ECB monthly report
14:30 U.S. retail
14:30 U.S. requests

Today begins 2-day EU summit (topics: banks, Greece, Cyprus)

10:30 Spain bonds 2015,2017,2040
11:00 Italian bonds 2015.2026



  • Increased as expected QE3 at 45 billion USD in January
  • Operation Twist will be completed on schedule by the end of
  • Rates unchanged
  • For the first time established rates of unemployment and inflation
  • The low at least until unemployment falls to 6.5% and inflation will not exceed 2.5%
  • This caused a rally in stocks, but after a while the Bernanke froze
  • He said that the Fed's stimulus outweighs the impact of any disagreement regarding the reef
  • GDP in 2013 from 2.3 to 3.0% (according to Bloomberg estimates 2.0%)

Fiscal cliff:

  • Boehner: Obama's proposal could not accept neither the Senate nor the House
  • "We have serious differences of opinion"


  • Asia grow for 11 days and the longest is so last 3 years


Union Bank:

  • EU finance ministers agreed on the emergence of a single supervisory
  • This is essential for the development of Union Bank
  • Finally, it should be supranational supervision relate only 200 systematically important banks, not all
  • Work starts from 03/2014
  • Under the agreement could eurogroup use funds from the ESM directly to recapitalize banks, if they ask the ECB to assume oversight of troubled institutions
  • Today would have officially confirmed on 2-day summit



  • CEZ: Nomura lowers price target to 640 from 780 CZK CZK, recommendations remains "reduce"
  • RBC Capital lowers price target on shares of Lufthansa from 15.5 to 13 EUR
  • Barclays reduces recommendations for shares of Deutsche Telekom to "equalweight" from "overweight"
  • Nomura reduces recommendations for E.ON shares to "reduce" from "neutral," target price from € 15.3 to € 13.7
  • Exane lowers price target for shares of ThyssenKrupp from 18 to 17 EUR, recommendations "neutral"
  • Morgan Stanley lowers recommendations for RWE shares to "equalweight" from "overweight"
  • Moody's considering downgrades Hungarian banks



  • Slightly weakened due to expression of the Republican leader in the House regarding the fiscal cliff, Brent currently at 109.32 USD / barrel, WTI $ 86.59 / barrel
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Akciová snídaně 13.12. - Bernanke a QE3, fiskální útes, bankovní unie, makro, dluhopisy

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