Mind The Gap, Eis Mid Morning London Sessioun Update Wärend mir d'New York Open erwaarden ...
One of the PIIGS is beginning to squeal, Portugal’s bond yields rise past the critical 7% yield to 8%.
Bond traders have been selling Portuguese debt this morning, in turn driving down its price and as a consequence pushing up the interest rate (yield) on the bonds. The yield was trading at below 6.5% on Monday morning, the yield on 10-year Portuguese debt this morning has now hit 8%, according to Tradeweb data. In layman’s terms it means that Portuguese debt is seen as increasingly risky. Historically the seven percent level is looked upon as a demarcation line in the sand; a tipping point that if crossed countries then struggle to pay back and to pay down their debt.
Portugal appears to be in a similar situation to Greece, in as much as the austerity measures have abjectly failed to produce any growth, instead heaping misery on sections of society. The damage has devastated Portuguese youth unemployment numbers – the public protests are growing in numbers and frustration levels daily. The Portuguese finance minister resigned on Monday in ‘protest’ at the failings of the austerity programme. It’s now being rumoured on the twitter ‘blogosphere’ that two other ministers may resign, thereafter the Eurozone could be looking at the crisis bringing down yet another government. The resulting effect on the Portuguese stock market has been dramatic, equities on the PSI are currently down 6.5% at the time of writing.
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Europäesch PMIs publizéiert de Moien vum Markit Economics waren encouragéierend
The UK’s latest service sector PMI has just been published and the figure is above the analysts’ expectations of 54.6. At 56.9, the UK service sector PMI was the highest witnessed since March 2011. Intriguingly this figure illustrates that the UK service sector is outperforming the eurozone economy and based on these numbers the UK economy probably grew by at least 0.5% in the second quarter. Many of the Eurozone service sector PMIs also reached recent highs, causing analysts and market commentators to consider that, despite the EZ still being mired in recession, the bottom may have been reached.
Schlëssel PMIs
Irland: 53.2 - 5 Méint héich
Däitschland: 50.4 - 3 Méint héich
Spuenien: 48.1 - 24 Méint héich
Frankräich: 47.4 -10-Méint héich
Italien: 47.0 - 21 Méint héich
Maart Snapshot um 10:30 GMT (UK Zäit)
Grouss europäesch Indizes
Trotz positiven PMI-Servicesektordaten vum Markit fir d'Majoritéit vun de groussen Eurozone Memberen a Groussbritannien, sinn déi grouss europäesch Equity Indizes wesentlech an der Mëtt vun der Londoner Sessioun erofgaang. D'portugisesch Situatioun an de Mangel u Fortschrëtter wéi d'Troika op Athen besiche weien déi aktuell Maartsentimenter staark.
Wéi virdru scho gesot ass de portugisesche PSI 6.5% erof, de UK FTSE ass 1.55% erof, den DAX ass 1.92% erof, de CAC erof 1.84%, MIB erof 2.05% an den Athener Austausch ëm 2.29%. Den europäesche STOXX Index ass erof 2.09%. Sicht op d'New York Ouverture ass den DJIA Equity Index Zukunft de Moment 0.58% erof, suggeréiert datt den US Maart wäert opmaachen.
Wueren; Ueleg briechen $ 100 pro barrel
Ueleg ass wesentlech erop an der Moiessitzung als Konsequenz vu geopoliteschen Ängscht datt den aktuellen Kampf an Ägypten d'Versuergung duerch de Suez Canal kéint drosselen, 2.24 Millioune Fässer pro Dag reesen duerch d'Suez Mëttelmier Pipeline no der leschter EIA Informatioun. ICE WTI Roh ass 1.37% erop op 100.97 pro Faass, während Brent Roh ëm 0.62% eropgeet bei 104.65 pro Faass. Comex Gold ass erop 0.55% bei 1,250 pro Unze. Sëlwer Präis um Comex Austausch ass erop 0.81% Präis bei 19.46 pro Unze. Kupfer op Comex ass erop 0.54% op 3.16.
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Kabel reagéiert positiv op de positiven UK Service Secteur PMI, op intraday Basis ass d'Muster bullish, d'Währungspaar ass duerch den alldeegleche Pivot erofgefall an R1 op der Neiegkeet verëffentlecht. Wéi och ëmmer, souwuel déi deeglech wéi och wëchentlech Trend Charts fir GBP / USD sinn (bis elo) net beaflosst. Den Euro gëtt méi niddereg gedréckt als Konsequenz vun der portugisescher Situatioun, Den Euro ass 0.4 Prozent op $ 1.2931 an der Londoner Sessioun gefall nodeems se gëschter 0.7 Prozent erofgaange sinn. Déi 17 Natioun gedeelt Währung ass och 1 Prozent op 129.28 Yen geschloe ginn, säi gréisste Réckgang zënter dem 14. Juni.
Yen strengthened 0.7 percent to 99.98 per dollar after depreciating to 100.86 yen, the weakest level seen since May 31st. The euro has climbed 4.6 percent so far this year, according to the Bloomberg Correlation-Weighted Index which tracks the 10 most developed nations’ currencies. The dollar has gained 7 percent and the yen has slumped 8.6 percent.
Den Aussie Dollar ass op 90.70 US Cent an der asiatescher Sessioun gefall, déi mannst Zeien zënter September 2010, ier den Handel 0.8 Prozent méi niddereg bei 90.76 handelt. Et ass 0.7 Prozent op 91.39 Yen erofgaang. D'Aussie huet 0.5 Prozent op NZ $ 1.1743 verluer nodeems se virdru NZ $ 1.1738 beréiert hunn, de schwaachste Niveau deen zënter Dezember 2008 erkannt gouf.
Neuseeland, de Kiwi, huet 0.3 Prozent op 77.29 US Cent an 0.2 Prozent op 77.83 Yen ofgeschaaft.
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