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Market Pulse: Spanish yields jump at debt auction

Tuesday, April 17, 2012 - 03:20

April 17 - Yields jump but solid demand offers some comfort as Spain gets away a sale of short-term debt, but the pressure stays high ahead of Thursday's benchmark bond auction.

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-- breathing space from Madrid as a -- short term debt draws decent amount but the pressure stays on. As yields almost double from the previous auction and the bond bank of Spain governor says the country is already back in recession. Welcome to today's market pulse. Thursday's benchmark -- now the big focus for Madrid and yields a ticking up again now fresh test. Of the 6% -- looking like three. But traders say today's successful auction should that keep the shorts and -- for now. I'm as a glimmer of hope for the Euro zone economy off to Germany's latest business sentiment index. Sees a surprise gain this that he W index jumping. 223 point foreign mosque and -- for costs. Have a declined to twenty Euro dollar erasing early losses now off to those numbers more I'm joined by Reuters fixing come -- will change. I will just today's. Sale in Spain bode ill for the -- auction on Thursday. What was it probably and it seems like. People have reacted well the results. You to come down. Okay I'm done ahead of us have sent me some people present a special positions. Demand is pretty good there's always expected to harassment case of bill senate and today. But says sending this to some encouragement that -- -- And and and is the fact that they've done almost half their issuance of the year and we draw encouragement from that who should very short cuts and some well I mean. It is -- and it. Us glass half full glass company to scenario this this who sent -- priced at a lot of common sentiment turns against. Spain then then. 50% interest -- is no big -- -- still another 50% to go but if if if the stuff at some moments behind the -- essence by rights should be buying or otherwise. That people look at that 50% say that that's price another reason device. This is difficult to say this point in time okay. These fresh pictures displaying about seeing strong fighters into safe haven Boone's -- puts yields at record letters. But Credit Suisse technical analyst at its -- and says even these resistance levels. Are unlikely to hold. Our view is actually even though there's a hole in the Miami is that we will you -- -- -- a backup in the nets and we will see this 163 level break I'd like to see confirmed by the open clearly about 14050 to me. And ten missile fields 29 team but we see no reason not to look for that to be achieved and pretend Jimmy said he won't fifteens and going to be a big psychological barrier attendees Yemeni. But if you -- the range down that we saw after the lawsuit for months that comes in around 145144. I think going -- we -- chart here that Larry into the median time channel as long 35. So are parts -- four won't 44 for 45 to 135. And that's and then when we look for the big you -- for the for the market. -- that and also today UK inflation picking up pace for the first time in six months of the annual rate hitting three and a half the sentence. And dampening any hopes to further stimulus measures from the Bank of England gilts under pressure off to the numbers came out with benchmark yields retreats -- from. The 2% -- That is different now but join us every day this time to take the pulse of the market I'm -- for awful this is Royces.

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Market Pulse: Spanish yields jump at debt auction

Tuesday, April 17, 2012 - 03:20