Fleursdumal
फूल की बुराई
riccccc dato che sarà durissima sopportati la settimana prossima, ti obbligo a pensare già da adesso a venderti sui tuoi short almeno una put118 o 118,5 giugno
Euro debt-2 yr yields plumb 4-month lows as equities fall
By George Matlock
LONDON, April 15 (Reuters) - Two-year euro zone government bond yields fell to 4-month lows, and 10-year yields hit 2-month troughs on Friday as a sell-off in corporate bond and equity markets triggered demand for safe-haven debt.
Euro zone bourses <.STOXX50E> fell 1.7 percent after IBM, Samsung Electronics and Sony Ericsson reported profits that were weaker than expected.
Tokyo stocks closed at a 10-week low, while Wall Street shares opened lower <.DJI>.
Corporate bond markets also took a battering from the news on the equities front and yield spreads surged to their widest level in about 18 months. Government bonds benefited from woes in both the corporate bond and equity markets and Bund futures rose to within striking distance of contract highs.
"There is clearly a flight to quality, with corporate bonds hit by a weaker outlook," said Williams de Broe fixed income analyst Elisabeth Afseth. "There has been a sentiment change with regards to economic growth as well and a view that growth will be weaker is also weighing on stocks."
At 1529 GMT, the interest rate sensitive two-year Schatz yield <EU2YT=RR> was down 5.5 basis points (bps) at 2.342 percent, holding close to lows hit earlier at 2.326 percent. The benchmark 10-year Bund yield <EU10YT=RR> fell 4.1 bps to 3.49 percent. Earlier, it fell as far as 3.471 percent.
The September Euribor future <FEIU5>, a market barometer of euro zone rate expectations, was up 2.5 bps at 97.790, having touched a contract high of 97.810.
Money markets have racked up strong gains in recent weeks as traders scaled back expectations for higher interest rates against a backdrop of sluggish economic growth and generally firm oil prices. The market now discounts less than a 35 percent chance of a quarter point hike by September.
European Central Bank Vice President Lucas Papademos said weak confidence in the euro zone has damaged short-term economic performance. The comments had little immediate impact on bond prices.
The June Bund future <FGBLM5> was up 28 ticks at 119.81. It hit a 9-week high of 119.99 -- within sight of contract highs just above 120.
"Equities are the reason for the rally," said one bond trader in Germany. "The market has pushed through technical levels and this has triggered some short covering."
Despite the rally in euro zone debt, Bunds continued their underperformance against the even firmer U.S. Treasury market.
Euro zone debt pared gains after weaker U.S. consumer sentiment data was not as poor as some investors had expected.
The preliminary University of Michigan consumer sentiment index fell to 88.7 in April, down from 92.6 in March and weaker than a 91.5 poll forecast.
"There appeared to be some moderate rumours of an even weaker number, even below the 80 level, in the market. But that has not been the case so there might be some disappointment but it shouldn't be enough to really push the market lower on the day," said John Davies, fixed income strategist at West LB in London.
Earlier, the market held relatively firm in the face of U.S. industrial output, Treasury sales data and the New York "Empire State" manufacturing survey.
The 10-year Treasury/Bund yield spread was at 87 bps, the narrowest level in almost a month. The spread was at 90 bps in late European trade on Thursday.
The yield gap between benchmark 10-year Greek government bonds and German Bunds widened to levels not seen in almost two years on Friday as Greek bonds came under pressure following a sell-off in corporate debt.
This has triggered a fresh wave of risk aversion, prompting investors to sell higher yielding government bonds like Greek and Italian debt for safe-haven German Bunds.
The 10-year euro swap spread was steady at 11 bps.



Euro debt-2 yr yields plumb 4-month lows as equities fall
By George Matlock
LONDON, April 15 (Reuters) - Two-year euro zone government bond yields fell to 4-month lows, and 10-year yields hit 2-month troughs on Friday as a sell-off in corporate bond and equity markets triggered demand for safe-haven debt.
Euro zone bourses <.STOXX50E> fell 1.7 percent after IBM, Samsung Electronics and Sony Ericsson reported profits that were weaker than expected.
Tokyo stocks closed at a 10-week low, while Wall Street shares opened lower <.DJI>.
Corporate bond markets also took a battering from the news on the equities front and yield spreads surged to their widest level in about 18 months. Government bonds benefited from woes in both the corporate bond and equity markets and Bund futures rose to within striking distance of contract highs.
"There is clearly a flight to quality, with corporate bonds hit by a weaker outlook," said Williams de Broe fixed income analyst Elisabeth Afseth. "There has been a sentiment change with regards to economic growth as well and a view that growth will be weaker is also weighing on stocks."
At 1529 GMT, the interest rate sensitive two-year Schatz yield <EU2YT=RR> was down 5.5 basis points (bps) at 2.342 percent, holding close to lows hit earlier at 2.326 percent. The benchmark 10-year Bund yield <EU10YT=RR> fell 4.1 bps to 3.49 percent. Earlier, it fell as far as 3.471 percent.
The September Euribor future <FEIU5>, a market barometer of euro zone rate expectations, was up 2.5 bps at 97.790, having touched a contract high of 97.810.
Money markets have racked up strong gains in recent weeks as traders scaled back expectations for higher interest rates against a backdrop of sluggish economic growth and generally firm oil prices. The market now discounts less than a 35 percent chance of a quarter point hike by September.
European Central Bank Vice President Lucas Papademos said weak confidence in the euro zone has damaged short-term economic performance. The comments had little immediate impact on bond prices.
The June Bund future <FGBLM5> was up 28 ticks at 119.81. It hit a 9-week high of 119.99 -- within sight of contract highs just above 120.
"Equities are the reason for the rally," said one bond trader in Germany. "The market has pushed through technical levels and this has triggered some short covering."
Despite the rally in euro zone debt, Bunds continued their underperformance against the even firmer U.S. Treasury market.
Euro zone debt pared gains after weaker U.S. consumer sentiment data was not as poor as some investors had expected.
The preliminary University of Michigan consumer sentiment index fell to 88.7 in April, down from 92.6 in March and weaker than a 91.5 poll forecast.
"There appeared to be some moderate rumours of an even weaker number, even below the 80 level, in the market. But that has not been the case so there might be some disappointment but it shouldn't be enough to really push the market lower on the day," said John Davies, fixed income strategist at West LB in London.
Earlier, the market held relatively firm in the face of U.S. industrial output, Treasury sales data and the New York "Empire State" manufacturing survey.
The 10-year Treasury/Bund yield spread was at 87 bps, the narrowest level in almost a month. The spread was at 90 bps in late European trade on Thursday.
The yield gap between benchmark 10-year Greek government bonds and German Bunds widened to levels not seen in almost two years on Friday as Greek bonds came under pressure following a sell-off in corporate debt.
This has triggered a fresh wave of risk aversion, prompting investors to sell higher yielding government bonds like Greek and Italian debt for safe-haven German Bunds.
The 10-year euro swap spread was steady at 11 bps.