energia01
Madmaxista
Os dejo un articulo en que el wall street journal analiza lo ocurrido ayer, en el se especifica que sino hubiera sido por el BCE, el gobierno hubiera tenido que nacionalizar la banca y pedir un rescates. Ayer nos prestaron una burrada de dinero 316 billones frente a los 169 que nos dejo en marzo, es decir mucho mas que en los meses anteriores como especifica el articulo, y nuestro mal comportamiento arrastro a la bolsa americana y europea provocando la caida de las acciones y la devaluación del €.
Los inversores se restan refugiando en los bonos alemanes y americanos provocando en el caso de estos últimos una subida de su valor y una devaluación de su rendimiento.
En definitiva que nos dan ya por caidos y en situacion similar a Grecia y compañía.
By CHRISTOPHER BJORK and JONATHAN HOUSE
Fresh signs of stress among Spanish banks sent shudders through European markets on Friday and helped push U.S. stocks to their worst week this year.
New data showed Spanish bank borrowing from the European Central Bank surged to new highs in March. The report was seen as an indicator that skittish international investors had left Spain and its banks to rely on ECB funding, at a time when concerns were mounting over the country's ailing finances.
All eyes on Spain after a week in which the IBEX-35 hit a 3-year low, Tesco reports earnings having warned on profits and economic data will shed light on industrial activity in the euro-zone. Sara Sjolin and Andrea Tryphonides discuss. Photo: Reuters
Those worries combined with broader concerns about the world economy, sparked by softer-than-expected Chinese growth, to produce a perversos day in global markets.
Investors repeated a pattern they have run again and again during the worst days of the euro zone's debt crisis, fleeing risky assets en masse.
Stocks slid across Europe, and the euro fell. Spanish markets were particularly hard hit: Stocks dropped 3.6% to a new three-year low and its bond yields neared 6%. The cost of insuring Spanish debt against default soared to its highest on record.
In the U.S., the Dow Jones Industrial Average dropped 136.99 to 12849.59. The Dow dropped 1.6% for the week, its worst such drop since mid-December.
Investors clamored for safe-haven German bonds and U.S. Treasurys. The 10-year Treasury yield, which falls as its price rises, dropped back below 2%.
Gross daily borrowings by Spanish banks averaged €316.3 billion ($417.10 billion) in March, up from €169.86 billion in February and €106.3 billion in November, before the ECB stepped in heavily, data released by the Bank of Spain on Friday showed. That means Spain, the euro zone's fourth-largest economy, accounts for nearly 28% of the €1.1 trillion lent by the central bank across the euro zone.
"This is a massive red flag," said Kathleen Brooks, analyst at Forex.com in London. "Without the ECB, the Spanish banking sector would have to be nationalized to prevent its collapse…which would probably cause Spain's government to need a bailout," she added.
Related Reading
Spanish Law Aims to Rein in Budget
Italy, Spain Bond Yields Rise
European Stocks Slump
Euro Crisis 2012: Spain Edition
The data contributed to a selloff in Spanish financial assets. Spain's benchmark IBEX-35 stock index slumped 3.6% to close at 7250.60, while the yield on Spain's benchmark 10-year government bond, which moves inversely to prices, climbed 0.17 percentage points to 5.99%, hovering around four-month highs.
Italian markets, which also are struggling to maintain the confidence of private investors, ***owed Spain lower. The benchmark Italian index shed 3.4%, and the government's 10-year bond yield ticked up to 5.54%.
The steady rise in Spanish ECB borrowing has been driven mostly by the large take-up of the ECB's recent offers of three-year funding in what are known as long-term refinancing operations, or LTROs. The roughly €1 trillion that the ECB doled out in December and February has been a lifeline for fiscally frail governments such as Spain and Italy that face increasing difficulties in financing themselves on international markets.
Spanish banks have used some of the LTRO money to refinance maturing debt and to buy more than €40.6 billion of government debt so far this year, allowing the government to raise more than half of its estimated 2012 funding needs.
But amid signs that LTRO-driven demand for Spanish government debt is weakening, borrowing costs have shot higher, returning to the levels they stood at before the first three-year LTRO in December.
Nicholas Spiro, head of Spiro Sovereign Strategy in London, said there has been a change of market perception regarding the LTROs, previously seen as providing strong support for Spanish government debt. Now, investors worry the mechanism is tying more closely together the fates of frail governments to banks, which have problems of their own.
The surge in Spanish borrowing costs has triggered renewed concerns that Spain could be forced to seek an international financial bailout, as Greece, Ireland and Portugal already have—and raised the pressure on a reluctant ECB to take new action.
The ECB hasn't said whether it will hold another three-year LTRO operation, and ECB officials have made conflicting statements in recent days over whether the central bank could reactivate a government bond-buying program that has lain dormant in recent months. The program "is still in place," ECB Executive Council member José Manuel González-Páramo said late Thursday in Madrid, though Klaas Knot, another top ECB official, said Friday there is "no good reason" to resume bond purchases.
Against this backdrop of mounting uncertainty, Spain will auction 12- and 18-month treasury bills on Tuesday and two- and 10-year bonds on Thursday. It will announce the amounts it will seek to raise on Monday.
—Charles Forelle
contributed to this article.
Corrections & Amplifications
Excluding funds placed in the ECB's borrowing facility, net borrowings were €227.6 billion in March. An earlier version of this article incorrectly stated that net borrowings were €227.6 billion in February.
Write to Christopher Bjork at christopher.bjork@dowjones.com and Jonathan House at jonathan.house@dowjones.com
A version of this article appeared April 14, 2012, on page B1 in some U.S. editions of The Wall Street Journal, with the headline: Spain Jolts Global Markets.
El articulo incluye un gráfico en el que se muestra lo que nos lleva prestado el BCE dejo Link para que lo veáis
Spain Jolts Global Markets - WSJ.com
Los inversores se restan refugiando en los bonos alemanes y americanos provocando en el caso de estos últimos una subida de su valor y una devaluación de su rendimiento.
En definitiva que nos dan ya por caidos y en situacion similar a Grecia y compañía.
By CHRISTOPHER BJORK and JONATHAN HOUSE
Fresh signs of stress among Spanish banks sent shudders through European markets on Friday and helped push U.S. stocks to their worst week this year.
New data showed Spanish bank borrowing from the European Central Bank surged to new highs in March. The report was seen as an indicator that skittish international investors had left Spain and its banks to rely on ECB funding, at a time when concerns were mounting over the country's ailing finances.
All eyes on Spain after a week in which the IBEX-35 hit a 3-year low, Tesco reports earnings having warned on profits and economic data will shed light on industrial activity in the euro-zone. Sara Sjolin and Andrea Tryphonides discuss. Photo: Reuters
Those worries combined with broader concerns about the world economy, sparked by softer-than-expected Chinese growth, to produce a perversos day in global markets.
Investors repeated a pattern they have run again and again during the worst days of the euro zone's debt crisis, fleeing risky assets en masse.
Stocks slid across Europe, and the euro fell. Spanish markets were particularly hard hit: Stocks dropped 3.6% to a new three-year low and its bond yields neared 6%. The cost of insuring Spanish debt against default soared to its highest on record.
In the U.S., the Dow Jones Industrial Average dropped 136.99 to 12849.59. The Dow dropped 1.6% for the week, its worst such drop since mid-December.
Investors clamored for safe-haven German bonds and U.S. Treasurys. The 10-year Treasury yield, which falls as its price rises, dropped back below 2%.
Gross daily borrowings by Spanish banks averaged €316.3 billion ($417.10 billion) in March, up from €169.86 billion in February and €106.3 billion in November, before the ECB stepped in heavily, data released by the Bank of Spain on Friday showed. That means Spain, the euro zone's fourth-largest economy, accounts for nearly 28% of the €1.1 trillion lent by the central bank across the euro zone.
"This is a massive red flag," said Kathleen Brooks, analyst at Forex.com in London. "Without the ECB, the Spanish banking sector would have to be nationalized to prevent its collapse…which would probably cause Spain's government to need a bailout," she added.
Related Reading
Spanish Law Aims to Rein in Budget
Italy, Spain Bond Yields Rise
European Stocks Slump
Euro Crisis 2012: Spain Edition
The data contributed to a selloff in Spanish financial assets. Spain's benchmark IBEX-35 stock index slumped 3.6% to close at 7250.60, while the yield on Spain's benchmark 10-year government bond, which moves inversely to prices, climbed 0.17 percentage points to 5.99%, hovering around four-month highs.
Italian markets, which also are struggling to maintain the confidence of private investors, ***owed Spain lower. The benchmark Italian index shed 3.4%, and the government's 10-year bond yield ticked up to 5.54%.
The steady rise in Spanish ECB borrowing has been driven mostly by the large take-up of the ECB's recent offers of three-year funding in what are known as long-term refinancing operations, or LTROs. The roughly €1 trillion that the ECB doled out in December and February has been a lifeline for fiscally frail governments such as Spain and Italy that face increasing difficulties in financing themselves on international markets.
Spanish banks have used some of the LTRO money to refinance maturing debt and to buy more than €40.6 billion of government debt so far this year, allowing the government to raise more than half of its estimated 2012 funding needs.
But amid signs that LTRO-driven demand for Spanish government debt is weakening, borrowing costs have shot higher, returning to the levels they stood at before the first three-year LTRO in December.
Nicholas Spiro, head of Spiro Sovereign Strategy in London, said there has been a change of market perception regarding the LTROs, previously seen as providing strong support for Spanish government debt. Now, investors worry the mechanism is tying more closely together the fates of frail governments to banks, which have problems of their own.
The surge in Spanish borrowing costs has triggered renewed concerns that Spain could be forced to seek an international financial bailout, as Greece, Ireland and Portugal already have—and raised the pressure on a reluctant ECB to take new action.
The ECB hasn't said whether it will hold another three-year LTRO operation, and ECB officials have made conflicting statements in recent days over whether the central bank could reactivate a government bond-buying program that has lain dormant in recent months. The program "is still in place," ECB Executive Council member José Manuel González-Páramo said late Thursday in Madrid, though Klaas Knot, another top ECB official, said Friday there is "no good reason" to resume bond purchases.
Against this backdrop of mounting uncertainty, Spain will auction 12- and 18-month treasury bills on Tuesday and two- and 10-year bonds on Thursday. It will announce the amounts it will seek to raise on Monday.
—Charles Forelle
contributed to this article.
Corrections & Amplifications
Excluding funds placed in the ECB's borrowing facility, net borrowings were €227.6 billion in March. An earlier version of this article incorrectly stated that net borrowings were €227.6 billion in February.
Write to Christopher Bjork at christopher.bjork@dowjones.com and Jonathan House at jonathan.house@dowjones.com
A version of this article appeared April 14, 2012, on page B1 in some U.S. editions of The Wall Street Journal, with the headline: Spain Jolts Global Markets.
El articulo incluye un gráfico en el que se muestra lo que nos lleva prestado el BCE dejo Link para que lo veáis
Spain Jolts Global Markets - WSJ.com
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