FUNDAMENTAL REVIEW 17.10.12

Moody `s support markets ...

 

The decision of the rating Agency Moody's confirm short-term credit rating of Spain at the level of "Baa3" it turned out that is called in hand, against the background of the European summit of the EU, as well as the end of the presidential race in the United States. Despite the abscence of logic of this act (earlier in August, the agency argued that the Spanish market expects "garbage" level) the rating agency is still at the same level.

 

In a statement Moody `s said that" the combination of support for the euro area and the ECB and the Spanish government's own efforts will allow the government to maintain access to the capital markets at reasonable rates, giving him the necessary time to stabilize the government debt in the next few years. " (Reuters)

 

It seems that the agency decided "not to spoil" picture improvement with Spain, especially, according to the agency, it will resort to financial assistance in November.

 

Yesterday's European events quite radically, coupled with good corporate information of U.S. major companies influenced the growing optimism in the markets.

For this reason, the single currency came out of a period of consolidation and reached maximum values ​​of 18 September this year.

 

Improvement in economic sentiment in Germany also contributed to the reduction of tension in the markets. The index of economic sentiment in Germany came out better than expected -11.5 points against the expected value - 15.0 points. And despite the fact that the values ​​of this index is still in positive territory, suggesting a tendency already, compared with the previous - 18.2 points value of the indicator.

 

Today we should pay attention to the statistics from the UK and the U.S.. If it is positive it will have a local pressure on the U.S. dollar.

 

Events today:

Moscow time

12.30 UK Changing the number of applications for unemployment benefits in September n / a; -200; -15.000

12.30 Publication of the minutes of the UK Monetary Policy Committee of the Bank of England

12.30 UK unemployment rate in August n / a; 8,1%; 8,1%

12.30 UK The change of the average wage in August n / a; 1,6% 3m / y and 1.5% 3m / y

13.00 Switzerland ZEW economic expectations index in September n / a; n / a; -34,9

16.30 U.S. The number of building permits issued in September n / a; 810.000; 800.000

16.30 U.S. Bookmark new homes in September n / a; 770.000; 750.000

18:30 U.S. Change oil 08.10-14.10 n / a; n / a; 1,7 million barrels.