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Follow on Google News | Spain Calls Off Lottery IPOItalian and Spanish financial market regulators extended the temporary ban on short sales of financial assets that were introduced last month in an attempt to stop the volatility on the market.
By: DT Trading Limited Analytical Department Other news also came out of Spain yesterday – the country’s government called off an initial public offering (IPO) for the national lottery because poor market conditions would cause it to not raise enough funds to reduce its issue of bonds this year. Spain’s Finance Ministry said that it postponed sales of 30% of shares of the government Sociedad Estatal Loterias & Apuestas Del Estado SA, since market conditions don’t “guarantee revenues that reflect the value” of the lottery operator. If Spain’s government can’t carry out the planned IPO according to the stated parameters by the end of the year, then DT Trading economists predict that it will have to sell shares of the government lottery operator for even less or else look for another opportunity to patch holes in the already scarce budget. It was estimated that the IPO would have brought in up to 7 billion Euros ($9.5 billion) and would have been Spain’s largest ever IPO. Prices on industrial metals finally came crashing down yesterday. The price of bronze dropped 4.5% to $7.521 per ton, while the price of nickel fell 2.4% to $18.505. DT Trading analysts think the reason for this was the growing anxiety over a slowdown in China’s economy. After the biggest drop in exports since 1979 occurred in 2008-2009, China will probably not be able to count on successful trade with Europe, burdened with the debt crisis, or with the stagnating US. Managing the country’s slipping economy will likely fall to the next leader of the Communist Party if PRC Chairman Hu Jintao and State Council Party Secretary Wen Jiabao start a transfer of power at the end of next year. If US GDP data today doesn’t show some growth of at least 1.2% for the second quarter, we will again see a continuing downward trend on the stock markets in dollar purchases and US treasuries at the end of the week. DT Trading Limited Analytical Department # # # DT Trading Limited is a progressive Trust Company, dedicated to protect the customer’s financial interests and to ensure the best trading conditions. We can help you to take advantage of the current market state and increase your capital. End
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