Rabu, 11 April 2012

Items of interest from The Guardian liveblog including the mention of the earthquake in Indonesia


11.27am: The European Commission is turning the screws on Spain. It wants a "full picture" of Spain's budget consolidation plan, not only by central government. It says that, without information on regional budgets, it cannot provide any recommendations to Madrid. It's asking for the additional information by the end of April.
With regards to a bailout, the Commission is standing by its view that Spain will not need eurozone help for the recapitalisation of Spanish banks. We shall see...
11.18am: We've got some analysis of the various bond auctions from Gavan Nolan at Markit:
Overall, they were on the weak side. In the Italian auction, the yields on the one-year paper is twice what they were in March, so that's clearly disappointing. They managed to sell the full €11bn but with significant concessions and the bid/cover ratio wasn't great suggesting demand is waning on the domestic front.
On the German one, you could call it a failed auction because they haven't covered it. The fact that they had to retain a large amount of paper shows that Germany can't sell paper with unlimited demand.
Spanish and Italian bond yields continue to drop back from yesterday's levels. The yield on Spain's 10-year bond is currently 5.85%, while Italy's is 5.51%.
However, it is still getting more expensive to insure against a default in both countries. Spanish credit default swaps are trading at 4.85%, and Italy's at 4.35%. Nolan says that is probably due to a lack of liquidity rather than anything more dramatic.
11.08am: Lest we forget, Greece's seaman are still striking. Greek TV channel SKAI reports that the two-day strike started yesterday has prompted more than 10,000 ferry passengers to cancel their tickets and another 3,000 to change their dates of travel.
The 48-hour strike continues at Piraeus near Athens. Photograph: John Kolesidis/Reuters

Greek news site ekathimerini.com reports:
The strike, which has been held to protest the impact of the government's austerity drive on seamen's pensions and benefits, has fueled the exasperation of hoteliers and traders who had hoped to make up for sluggish business in Orthodox Easter week.
10.56am: There's a nice tweet from Geoffrey Smith of Dow Jones, putting some perspective on the German Bund auction, which got bids for €4.1bn of bonds, vs the target of €5bn.

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