DAILY

24th June 2013

PSI20: -2.95% DAX30: -1.30% FTSE100: -2.12% S&P500: -1.21% NIKKEI225: -1.26%
Portuguese 10 year bond yields keep increasing in the secondary market. It has registered the second biggest rise after Greece. Yields are now close to 7% and risk premium is above 5pp. Other maturities also saw interests grow. World markets are in general recording higher yields. More>> PSI 20 is down 2.95% leading losses among Eu countries. Liquidity problems in China end of US stimulus program and rising yields are to blame in this performance. Banking sector pressured the index with BCP dropping more than 7% together with BES and BPI which fell 3.19 and 5.17. More>> 3 months before elections and Chancellor Merkel maintains her tough stance on austerity for debt-ridden euro zone nations in an election manifesto that could define EU policy for the next 5 years. More>> Vodafone has agreed to buy Germany's largest cable operator Kabel Deutschlandfor 7.7 billion euros ($10 billion), betting on TV and fixed-line services in its biggest deal since 2007. More>> European stocks fell for the 5 day, erasing their gains for the year, as Goldman Sachs cut Chinas growth forecast amid concern banks in the worlds second-largest economy face a cash crunch. More>>
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U.S. stocks fell, after Chinese equities entered a bear market amid concern a cash crunch will hurt growth and as investors weighed the impact of a possible reduction in the Feds monetary stimulus. More>> Treasuries pared some losses on Monday after Federal Reserve officials sought to refine the central banks monetary policy message, but yields still rose to multi-year highs. More>> Apple Inc. (-2.65%) recovered slightly after breaching $400 during the session but still ended at a twomonth low after its stock price target was cut by yet another analyst. More>>

SSE fell below the 2,000 mark on Monday to close at a fresh 2013 low with losses accelerating after comments from the central bank worsened fears that Beijing will not give into easing pressure. More>> Goldman Sachs became the latest bank to downgrade China's economic growth on Monday, saying tighter financial conditions and reforms are downside risks for that economy. More>> The rout in the Australian dollar continued on Monday falling to a 33-month low against the U.S. dollar, as the battered currency loses its high yield and safe haven appeal. More>>

OIL (WTI 94.94 $/bbl; +1.17% / Brent 101.07 $/bbl; +0.36%): Oil rose after 3 pipelines in Alberta were shut because of flooding, sending Brents premium to WTI to the lowest level in more than 2 years. More >> GOLD (1281.95 $/oz t; -1.35%): Gold fell as prospects that the Federal Reserve will reduce monetary stimulus curbed demand for the metal as a protection of wealth. More >> COPPER (3.042 $/lb; -1.65%): Copper fell to the lowest in almost 3 years on concern that slowing growth in China will curb demand as inventories reach a 10-year high. More >>

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