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Weekly Eurozone Watch – February 15

Posted By Global Macro Monitor On February 16, 2013 @ 1:00 pm In Think Tank | Comments Disabled

This week’s European data:

Key Data Points
German 10-year Bund 4 bps higher;
France no change in spread to the Bund;
Belgium no change;
Ireland 22 bps tighter;
Italy 21 bps tighter;
Spain 21 bps tighter;
Portugal 40 bps tighter;
Greece 6 bps tighter;
Large Eurozone banks weekly change, -6.13 to  3.16 percent;
Euro$ flat on the week, -0.01 percent.

-  Irish sovereign spreads continued to tighten and closed at the lowest level to the German Bund since the beginning of the crisis;
- Cyprus will not impose losses on bank depositors in its banks, the country’s finance minister says;
- Rumors out of Germany that Cypress bailout will cost €16bn;
- Portugal’s debt agency is confident that the country is poised to regain full access to bond market funding in the next few months,  FT;
- Bepe Grillo’s Five Star Movement (M5S) is surging in the polls, boosted by the scandal at Italy’s third-biggest bank, Monte dei Paschidi Siena (MPS). If support for M5S increase, it could be in a position to block the formation of majority by either the left or right, which could trigger a new panic.

Source:  Guardian [1]


Feb15_G7 Growth [2]


“Currency chatter is inappropriate, fruitless and self-defeating . . . We don’t believe that inflating budget deficits to create demand is sustainable.”
-Mario Draghi, ECB President

WEZ_Spread_Week [3]

WEZ_Bank_Week [4]

WEZ_Spread_YTD [5]

WEZ_Bank_YTD [6]

WEZ_Yield [7]

WEZ_Stock_Index [8]



WEZ_EuroFX [9]

(click her [10]e if charts are not observable)

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/02/weekly-eurozone-watch-february-15/

URLs in this post:

[1] Guardian: http://www.guardian.co.uk/business/2013/feb/15/eurozone-crisis-live-currency-wars-g20?INTCMP=SRCH

[2] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/feb15_g7-growth/

[3] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_spread_week-12/

[4] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_bank_week-13/

[5] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_spread_ytd-13/

[6] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_bank_ytd-14/

[7] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_yield-3/

[8] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_stock_index-3/

[9] Image: http://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/wez_eurofx-12/

[10] her: https://macromon.wordpress.com/2013/02/15/weekly-eurozone-watch-february-15/

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