The markets of Europe: quotations of bonds show mixed dynamicsOn Friday, on August, 13th, trading session in the market of the European state bonds has caused a stir high volatilnostju. The morning auctions have passed at a clear advantage market “ bears “ which activity was urged on by the data of the macroeconomic statistics, left in the leading European countries. The information that the economy of Germany, France and eurozones as a whole develops faster, than it was predicted, has caused a wave of sales of the European state bonds.
however if the majority of the French papers and has finished day reduction of price day trend Bunds of Germany in last hours the auctions was replaced by the ascending. The accent of players was displaced from optimism concerning continuing rather convincingly to grow German economy to fears of that the peripheral countries of region brake development of economy of all eurozone. Actions on the European trading platforms began to decrease in the price, and demand on Bunds Germany, on the contrary, has gone upwards. As to English Gilts participants of the market did not show interest to these papers during all trading session. As a result the British promissory notes have closed day by below opening.
as the main catalyst of morning purchases of the European state bonds the data about gross national product of Germany, France and an eurozone has served. At first the federal statistical bureau in Wiesbaden has given gross national product tentative estimation. Growth of economy of Germany in II quarter of current year has appeared the fastest for last 20 years, the highest among all 16 countries of a zone of euro and has considerably surpassed forecasts. Gross national product growth in II quarter has made 2,2 % in quarter calculation instead of expected 1,3 %. In annual expression growth of gross national product taking into account the working days has made 3,7 % (growth on 2,4 % was expected), and without the seasonal amendment - 4,1 % (growth on 2,6 % was predicted).
the economy of Germany Focused on export continues to grow confidently thanking, first of all, to restoration of global economy that supports demand for production of German industrialists outside of the country. Urges on demand for traditionally high-quality goods of German manufacture and euro easing as does the goods imported from Germany by cheaper.
however participants of the market do not feed illusions of rather so high growth of German economy in the future. Reduction of the budget and the termination of stimulating measures by Angela Merkel`s government, and also delay of growth of global economy will put negative pressure and upon Germany. In it at investors of doubts is not present.
it is obvious, partly and consequently already in second half of trading session of that fear that Portugal, Greece, Ireland and a number of other peripheral countries of an eurozone as a result will brake also German economy, have caused change of moods of players and have compelled them to pass from sales to purchases Bunds.
After an exit of German statistics the given macroeconomics from France have arrived. Here along with gross national product indicators there was also an inflationary statistics and statistics of a labour market. Economic growth also has appeared above expectations. In comparison with the last quarter gross national product growth in II quarter of current year has made 0,6 % whereas growth on 0,5 % was predicted. For a year the French economy has shown growth on 1,7 % that also above expectations (growth on 1,5 %). Number occupied in II quarter has increased in not agricultural branches on 0,2 % that has appeared twice above forecasts (growth on 0,1 %), and salary level as a whole on the country has risen on 0,4 % and without having held on before expectations (growth on 0,5 %) a little.
As to inflation in France in comparison with June it has decreased, and in annual expression has grown. So, the consumer price index (CPI) in July of current year has decreased, as well as was predicted, on 0,3 % in comparison with June and has risen on 1,7 % (growth on 1,6 % was expected) in annual calculation. The price index of consumers calculated under standards of an eurozone (CPI - EU Harmonised), has decreased in July on the same of 0,3 % (decrease on 0,4 %) in comparison with June was expected and has grown on 1,9 % (growth on 1,8 %) in annual expression was predicted.
has not disappointed investors and the economic statistics of an eurozone. Powerful growth of economy of Germany in II quarter became the main motive power of economic lifting of all zone of euro. As has informed the European statistical bureau in Luxembourg, gross national product in II quarter of current year has grown in comparison with the previous trimester of year on 1,0 % and has exceeded expectations of analysts (growth on 0,7 %). Has surpassed forecasts and annual growth of economy of an eurozone: instead of expected on 1,4 % the indicator has risen 1,7 %.
Against the left positive macroeconomic statistics bonds of France by the end of trading day have generated mixed dynamics of quotations. German Bunds from - for increased in second half of session of demand have finished day a rise in prices. The most part British Gilts has finished day losses. Following the results of last trading session of week profitableness 2 - summer Bunds Germany would decrease on 1. The item, 10 - summer - on 3. The item the Spread between 2 - summer and 10 - summer Bunds Germany would be narrowed with 176. The item to 173. The item
Results of the auctions by the state bonds of Germany at the London stock exchange at 20:00 Moscow time:
Results of the auctions by the state bonds of Great Britain:
Results of the auctions by the French state papers:
On Monday, on August, 16th, the British news agency Rightmove Plc. Will give the data about the prices for real estate in August of current year (Rightmove House Prices).
Department of the analytical information