Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | European Stocks Fall Ahead of EU SummitThe Euro lost its earlier gains from a five-day upward trend against the dollar and German 10-year bonds rose while the majority of European stocks fell ahead of tomorrow’s EU summit.
By: DT Trading Limited Analytical Department According to research from ABG Sundal Collier ASA, vehicle deliveries and their parts will grow 10% in 2012 to 12.7 million vehicles. According to a different branch of research from RS Platou Marktets AS, freight on 550ft. vessels will increase 36%, which translates to approximately $15,000 per day. If the research is correct, Wilh. Wilhelmsen ASA, the largest owner of heavy-duty ships in Europe, will be able to rake in profits for at least the next two years. Tomorrow, European leaders will gather at their second summit in four days. They are expected to reach a final agreement on the EFSF, bank recapitalization, and easing Greece’s debt burden in order to avoid a spread of the “Greek contagion” to Italy and Spain. Increasing the effectiveness of the EFSF will require further negotiations with investors, since German legislators are preparing to vote on the fund’s new powers, according to a document released by the European Union. In terms of Spain’s ability to boost its immunity to the debt crisis, DT Trading economists maintain a rather pessimistic view. Given Spain’s stalled economic growth, the 6% budget deficit level planned by the government this year will not be achieved, since it already exceeds 7%, compared to 9.2% in 2010. It seems quite likely that Spain will have to again endure the risk of reducing spending to bring its deficit back within the required boundaries. Despite the EU’s position on combating the spread of the “Greek contagion” that it expressed last weekend at the summit in Brussels, yields on 10-year Spanish bonds fell by only one basis point to 5.53% as of 10:34AM in Madrid. Today, the markets await the publication of data on retail sales and a decision on Canada’s refinancing rate. If forecasts are predicting a growth of 0.2% in the overall figure and 0.4% for the figure excluding automobile sales, then DT Trading analysts advise not to expect any surprises from the Bank of Canada. 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
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|