Bunds em ligeira queda
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Bunds em ligeira queda
Ligeiro profit taking nos Bunds. De uma forma geral parece que os mercados (acções e dívida pública) ainda dormem.
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LONDON, Nov 18 (Reuters) - Ten-year euro zone government bond yields were near a one-week high on Monday, drifting with lacklustre U.S. Treasuries and with prices depressed following equities' gains in the absence of significant data.
Pharmaceutical stocks were well bid as Europe's largest drugs group GlaxoSmithKline Plc was seen among potential bidders for German rival Bayer AG .
Equities and bond prices often move in opposite directions as investors seek better returns in the respective asset classes.
But Bund price falls were said by traders to be exaggerated by thin volumes.
"We are opening pretty much unchanged if you are honest," said a trader in Frankfurt. "It is quiet and we will see what happens."
At 0850 GMT, the interest rate sensitive two-year Schatz yield was up 1.1 basis points at 3.071 percent.
The benchmark 10-year Bund yield was up 3.0 basis points at 4.49 percent, close to a one-week high at 4.50 percent.
Euro debt could be weighed down by some short-dated paper's supply on Monday as the French Treasury auctions BTFs, negotiable fixed-rate discount Treasury Bills.
Bunds were steady on news that the German government plans to introduce a catch-all capital gains tax regime for equities and real estate investments from February.
The fiscal plans were seen as tax-neutral for Bunds and were also having no discernible impact on equities, where the Frankfurt equities DAX ticker was up 1.5 percent as Bayer and Munich Re led the risers' board.
"This tax change to make all equities investments taxable is unlikely to affect Bunds which are covered by a capital surcharge in income tax already, but it could impact on convertibles and other equity-linked bonds," said Julian Landisberger, economist at HypoVereinsbank in Munich.
Euro zone government bond yields had fallen on Friday after a European Central Bank council member said he expected intense debate on inflation at the next ECB meeting, while Wall Street downgrades kept debt well supported.
Boosting euro zone rate cut hopes on Friday, Austrian central banker Klaus Liebscher added that he expected inflation to decline to below the Bank's two percent ceiling target during 2003 and 2004.
Later, German counterpart Ernst Welteke further stoked rate cut hopes when he told journalists on the sidelines of a Berlin conference that weak economic growth and a stronger euro was likely to dampen inflation.
The December Bund future were down 0.29 at 111.36.
"We could easily drop today to a level of 111.30/35 but I see that as a buying opportunity. The first resistance for today is at 111.90," said Geert-Jan Nikken, technical analyst at Fortis Investment Bank in Amsterdam.
RATE CUT HOPES FANNED
With central bankers offering dovish comments about inflation, the December Euribor futures contract, a market barometer of euro zone rate expectations, were down 0.5 basis points at 97.060, indicating short-term interest rates at 2.94 percent.
The ECB's key interest rate stands at 3.25 percent.
Euro zone money markets are pricing in a more than 80 percent chance of a quarter-point interest rate cut by year-end.
The ECB next meets to determine interest rates on December 5.
Bunds underperformed Treasuries. The 10-year yield spread widened five basis points to 39. In early October, the spread widened as far as 70 bps -- a level last seen in mid-1995. Mid-session in Europe on Thursday, it was still around 55 basis points.
The 10-year euro swap spread was steady at 20 basis points.
Bom dia e uma boa semana para todos .
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LONDON, Nov 18 (Reuters) - Ten-year euro zone government bond yields were near a one-week high on Monday, drifting with lacklustre U.S. Treasuries and with prices depressed following equities' gains in the absence of significant data.
Pharmaceutical stocks were well bid as Europe's largest drugs group GlaxoSmithKline Plc was seen among potential bidders for German rival Bayer AG .
Equities and bond prices often move in opposite directions as investors seek better returns in the respective asset classes.
But Bund price falls were said by traders to be exaggerated by thin volumes.
"We are opening pretty much unchanged if you are honest," said a trader in Frankfurt. "It is quiet and we will see what happens."
At 0850 GMT, the interest rate sensitive two-year Schatz yield was up 1.1 basis points at 3.071 percent.
The benchmark 10-year Bund yield was up 3.0 basis points at 4.49 percent, close to a one-week high at 4.50 percent.
Euro debt could be weighed down by some short-dated paper's supply on Monday as the French Treasury auctions BTFs, negotiable fixed-rate discount Treasury Bills.
Bunds were steady on news that the German government plans to introduce a catch-all capital gains tax regime for equities and real estate investments from February.
The fiscal plans were seen as tax-neutral for Bunds and were also having no discernible impact on equities, where the Frankfurt equities DAX ticker was up 1.5 percent as Bayer and Munich Re led the risers' board.
"This tax change to make all equities investments taxable is unlikely to affect Bunds which are covered by a capital surcharge in income tax already, but it could impact on convertibles and other equity-linked bonds," said Julian Landisberger, economist at HypoVereinsbank in Munich.
Euro zone government bond yields had fallen on Friday after a European Central Bank council member said he expected intense debate on inflation at the next ECB meeting, while Wall Street downgrades kept debt well supported.
Boosting euro zone rate cut hopes on Friday, Austrian central banker Klaus Liebscher added that he expected inflation to decline to below the Bank's two percent ceiling target during 2003 and 2004.
Later, German counterpart Ernst Welteke further stoked rate cut hopes when he told journalists on the sidelines of a Berlin conference that weak economic growth and a stronger euro was likely to dampen inflation.
The December Bund future were down 0.29 at 111.36.
"We could easily drop today to a level of 111.30/35 but I see that as a buying opportunity. The first resistance for today is at 111.90," said Geert-Jan Nikken, technical analyst at Fortis Investment Bank in Amsterdam.
RATE CUT HOPES FANNED
With central bankers offering dovish comments about inflation, the December Euribor futures contract, a market barometer of euro zone rate expectations, were down 0.5 basis points at 97.060, indicating short-term interest rates at 2.94 percent.
The ECB's key interest rate stands at 3.25 percent.
Euro zone money markets are pricing in a more than 80 percent chance of a quarter-point interest rate cut by year-end.
The ECB next meets to determine interest rates on December 5.
Bunds underperformed Treasuries. The 10-year yield spread widened five basis points to 39. In early October, the spread widened as far as 70 bps -- a level last seen in mid-1995. Mid-session in Europe on Thursday, it was still around 55 basis points.
The 10-year euro swap spread was steady at 20 basis points.
Bom dia e uma boa semana para todos .
-
Karamba
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