Market Pulse: No “Depardieu” trade at French bond auction
Thursday, January 03, 2013 - 03:47
Investors, unlike Gerard Depardieu, show no sign of pulling out of France, as Paris pays a record low yield at today’s 10-yr auction. Plus, Swiss stocks jump, and Egypt’s pound slumps to a new low.
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Coming up why invest those are going to clear the Swiss dogs. On why politics until text out of -- funding for -- currency I'm Jamie -- -- and this -- market pulse. But let's start with today's bond market action here in Europe but fronts pays its lowest rate -- at auction to -- tenure funds. For more on -- I'm joined by -- on correspondent we'll James. Well a record low yield of two point 07% of funds paid state in years upon us obviously but is this as good as they get. It's for funds it's difficult to say having this respond to ten in particular have been flat -- up his good value I'm. Relative to surrounding bombs before -- that explains the good amount that. That yields are extremely -- there's still some some -- that in the the trade and Germany went off court to that I spent levels that are about about 65 explains becomes around about fifty basis points that investors have. Depending on which way you -- -- -- that is there's maybe smaller -- that so let's find somebody did you talk about especially -- -- 65 basis points that was suggested funds isn't cool above. Is on school wrote on the fancy talk to their pending trade is that says that we speech in Europe who are willing to. McCain too short fronts but they're not winning team together in a match right yet -- the that what you're trying to -- and put -- France. And -- part of the reason for that is that this this how many nations that you actually you know fresh step up that pick up -- still treat -- news today is to put together against the white combined from a from elsewhere admiration. Us funds that Spain today that its yield -- nods to flirted with 5% below 5%. Was not on the continent so is that a big deal. Yeah before the senate be interesting to see youthful and that -- a big deal on the sexual. This the summer still. To be decided in spine and on normalized changed. Instance of an -- bailout don't know what it was still. In and then -- that really what what. The real test will really be in January as the supply January February march 1 quarter and it's difficult coming up some -- -- what we put a lot they need to issue we estimates. It's taking what banks think. -- about a bit of a hundred billion. -- that could rise is and it's on June 20 billion. Many departments that region's rich which they do -- amendment. I'm -- to that I to expect that by opening your separate bomb so every two weeks the whole game so it's a big -- so well OK well thank you very much. -- -- equities today charging -- -- playing catch up to the US fiscal cliff euphoria from yesterday. The Swiss market was closed on Wednesday and today is looking to make a sustained break about the 7000 -- Today's high of 7003. Points as a peak not seen since September 2008. Under the 25 top gainers across Europe today no fewer than nine a Swiss. In Egypt the Muslim Brotherhood is discovering the headaches that come with -- the Egyptian pound on track for its biggest weekly fall in a decade. Done more than 50% against the US Paula the thing irreparable open on 642. That compares with 618 last week and comes after the central -- -- on Sunday that's it no longer had enough reserves to defend the -- That is -- the problem of course -- deeper than not there's a big coal -- budget after the brotherhood was born planned austerity measures in response to street protests. The postponement also threatens to mix -- plans IMF -- But so what today's market poll question and -- this time every weekday your daily dose of moving on markets and why. I'm going to give up this several.
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