Fundamental review 05/02/13

    
The Eurozone again reminds about itself...

Political problems in Spain and Italy rose to the surface again, and do not give market participants "relax" and trade risky assets with "enjoyment". Political crisis that erupted in Spain against corruption in high places, had a negative impact on the local debt market. Profitability of the Spanish 10-year government bonds rose to 5.44%, ie the highest level since December last year, after the publication of allegations of corruption and the ruling party in Spain.

For these reasons, a positive tone in the markets of the euro area, which was established in fact the end of last year, as the wind blew, and the single currency came under heavy pressure. Obviously, the absence of new positive news ceased to support the euro, which up to this from a technical point of view was quite overbought.

The latest economic news from Australia continue to please investors and not have a negative impact on the currency. Data on foreign trade in December was negative. The balance of foreign trade in goods and services was negative and amounted to -1534 million Australian dollars. Compared with November, the deficit was reduced by 184 million Australian dollars. Along with the seasonal correction in December trade surplus totaled -427 million Australian dollars. In November, the deficit was at the level of 2361 million Australian dollars.

Waiting for the decision of the Reserve Bank of Australia monetary policy somewhat stabilize the overall situation, as most experts believe that the RBA would leave interest rates unchanged.

Generally assess the picture is in the markets, it can be characterized as the end of New Year's rally and the beginning of correction in all financial markets.

Events today:
Moscow time
13.00 Eurozone Final data on the index of business activity in the services sector in January n / a; 48,3; 48,3
13.30 UK index of business activity in the services sector in January n / a; 49,8; 48,9
14.00 Eurozone retail sales in December n / a; -0,5% m / m and 0.1% m / m
17:30 U.S. FOMC Member Duke Speech
19.00 U.S. ISM index of business activity in the non-manufacturing sector in January n / a; 55,2; 56,1
19.00 U.S. index of business optimism IBD / TIPP February n / a; 46,1; 46,5
21.00 Speech Switzerland SNB board member Zurbrugga

Sergei Kostenko

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