Eurobond market
Fed policy has not changed, appetite for risk is returned
The main event yesterday, of course, was the end of the meeting of the Federal Reserve open market and the publication of the final press release. In general, there were no surprises:
• as we expected, was slightly improved assessment of the current situation in the economy;
• inflation risks, according to officials, while low: rising prices of essential commodities offset nedozagruzhennostyu capacity, high unemployment and stagnant incomes;
• Thus, in the medium term ( extended period) monetary policy will remain supportive;
• quantify the amount of mitigation programs has remained constant. The only thing the Fed will lower rates of some redemption of Treasury securities, to stretch planned for this purpose to $ 300 billion by the end of October.
In terms of macroeconomic statistics in the United States yesterday released a good record in foreign trade. For example, in June negative balance of trade grew to 27 billion dollars (1 billion). Imports increased solely due to an increase in energy prices. Excluding this component of the deficit continues to shrink. Also published yesterday on the budget deficit figures were within expectations. At the same time, Europe has a weak report on industrial production.
on world markets yesterday issued a very volatile day. However, as a result, the demand for risky assets back, resulting in indices of stocks in Europe and the United States increased by about 1-1.5%. Quotations US Treasuries, by contrast, went down: The yield of the 10-year note rose to 3.72% (5bp). By the way, increasing returns of Treasury securities contributed to the outcome of the auction and homely accommodation, just 10-year UST at 23 billion dollars
Emerging markets
In the camp of the Emerging Markets Eurobonds specific changes yesterday did not happen: EMBI spread was at 362bp. Quotations of Russian Release RUSSIA30 (YTM 7.49%) fluctuated within the range of 99 7 /16 - 100 1 /6. Trading activity was not very high. In the corporate sector is interesting, we did not notice.
Cash and secondary market
bivalyutnoy cost of a basket yesterday reached 39 rubles, but by the end of the day the ruble strengthened slightly (38.50 rubles). Given the growing recent tensions around the theme of the devaluation of the ruble, it is not surprising that such a rate volatility had a negative impact on the debt market. In the first half of the day quotes of many bonds of 1-st level decreased by about 50bp, however, after some time began to appear bidy, so to some extent, the losses were offset by the morning. Also, the focus yesterday was the story around MOITK.
In the last 24 hours' appetite for risk in a world substantially recovered, that is not slowing effect on the price of black gold (Brent barrel mark again is almost 74 dollars). Thus, today, we think ruble bonds in many (if not completely) offset the losses incurred yesterday. Also, in our view, it would be logical to expect the ruble, but the experience of recent weeks suggests that this may not happen and ...
Under 'Market bonds, you can find information on issues of corporate and municipal bonds, as well as learn about the planned deployment, the outcome of trades on the MICEX and read the comments on the bond market.
| Authorize and appreciate the story;;
Your grade will be the first!
|
|
Bankers legislated pay
NBU: The drop rate is due to political instability hryvna in Ukrainian society
Peredergivanie ropes
Forex - Asia
The value of euro rising 3rd consecutive session on expectations of slowing decline in the euro
External positive pushes Russia's top sites, the MICEX index adds more than 2%
Investment advice on futures on RTS index, oil and natural gas
The investment situation in the Russian segment of the stock still looks relatively favorable
A positive factor in the market of black gold, driving the prices up, is to weaken the U.S. dollar on the FOREX market