martes, 13 de diciembre de 2011

Bloomberg

Spanish Bonds Decline Before Auction


Spanish bonds fell as the government prepared to sell bills. European stocks and U.S. index futures swung between gains and losses before a report that may show American retail sales increased last month.
The yield on the Spanish 10-year note jumped nine basis points to 5.88 percent at 9:25 a.m. in London, with the equivalent Italian yield rising 13 basis points. The yen strengthened against all but two of its 16 most-traded peers. The Stoxx Europe 600 Index slipped 0.2 percent after climbing as much as 0.6 percent. Standard & Poor’s 500 Index futures added less than 0.1 percent.
Spain will auction 12- and 18-month securities and the European Financial Stability Facility, the region’s temporary bailout fund, plans to sell as much as 2 billion euros ($2.63 billion) of 91-day bills today. The European Central Bank might have to buy more government debt, Benoit Coeure, France’s candidate for a seat on the ECB’s executive board, told a European Parliament hearing yesterday. Sales at U.S. retailers probably rose 0.6 percent last month, economists said before a Commerce Department report.
“Market pressure may build ahead of a challenging first- quarter redemption schedule for euro sovereigns and banks,” Jim Reid, a strategist at Deutsche Bank AG in London, wrote in a report. “This may force a reluctant ECB to become more aggressive early in the year. Widespread austerity will mean that the European recession intensifies as 2012 progresses.”
German bonds declined, driving the 10-year yield up four basis points, with the two-year note yield rising three basis points. Spain is due to sell as much as 4.25 billion euros ($5.6 billion) of 364- and 553-day bills, while Greece and Belgium also auction short-dated securities.

German Confidence

The ZEW Center for European Economic Research may say its index of German investor and analyst expectations, which aims to predict developments six months in advance, declined to minus 55.8 in December, based on the median estimate in a Bloomberg News survey of economists. That would be the lowest reading since October 2008.
The U.S. 10-year Treasury yield increased two basis points to 2.03 percent before the government auctions $21 billion of the securities, the second of four sales of coupon-bearing debt this week. A three-year sale yesterday drew record demand as investors sought a haven from Europe’s debt crisis.
Three stocks declined for every two that gained in the Stoxx 600. Whitbread Plc sank 6.4 percent as the U.K. owner of Premier Inn budget lodges and Costa Coffee shops reported a slowdown in revenue growth. Lagardere SCA, France’s biggest publisher, advanced 4.3 percent after Deutsche Bank AG upgraded the shares.

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