Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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tommy271
Forumer storico
Forex, euro recupera terreno contro dollaro su interesse Cina
giovedì 26 maggio 2011 09:59
LONDRA, 26 maggio (Reuters) - Si rafforzano i corsi
dell'euro contro dollaro, con il cross che arriva a spingersi a
ridosso di 1,42 in risposta alla prospettiva di un interesse
cinese per i finanziamenti di salvataggio a favore del
Portogallo.
A monte del recupero della valuta unica, riferiscono gli
operatori, anche l'accelerazione delle commodities e la domanda
degli investitori mediorientali.
Secondo l'edizione odierna del 'Financial Times', che
riporta le dichiarazioni del direttore Efsf Klaus Regling, la
Cina e altri investitori asiatici dovrebbero sottoscrivere
un'ampia parte delle obbligazioni Ue destinate a finanziare il
Portogallo.
Il clima di fondo dei mercati meno avversi al rischio
favorisce le divise a maggior rendimento e più legate al corso
delle commodities come il dollaro australiano.
giovedì 26 maggio 2011 09:59
LONDRA, 26 maggio (Reuters) - Si rafforzano i corsi
dell'euro contro dollaro, con il cross che arriva a spingersi a
ridosso di 1,42 in risposta alla prospettiva di un interesse
cinese per i finanziamenti di salvataggio a favore del
Portogallo.
A monte del recupero della valuta unica, riferiscono gli
operatori, anche l'accelerazione delle commodities e la domanda
degli investitori mediorientali.
Secondo l'edizione odierna del 'Financial Times', che
riporta le dichiarazioni del direttore Efsf Klaus Regling, la
Cina e altri investitori asiatici dovrebbero sottoscrivere
un'ampia parte delle obbligazioni Ue destinate a finanziare il
Portogallo.
Il clima di fondo dei mercati meno avversi al rischio
favorisce le divise a maggior rendimento e più legate al corso
delle commodities come il dollaro australiano.
paologorgo
Chapter 11
ad una lettura superficiale, non mi convince completamente.
Nela caso di Lehman, c'era una complessità di attività che era devastante: ancora adesso si sta cercando di dare valore a derivati, contratti, etc. L'effetto sul mercato è peggiore se non immediatamente quantificabile ed incerto.
Nel caso della Grecia il debito è "semplice" ed individuabile. Non coinvolge legislazioni fallimentari diverse, spesso opposte.
Negli USA il fallimento Lehman ebbe un effetto devastante sui money market fund:
Primary Fund , managed by New York-based money market fund inventor The Reserve, said late Tuesday that its $785 million holding of Lehman Brothers Holdings debt has been valued at zero.
As of 4 p.m., Eastern, the value of the fund's share was 97 cents. The Reserve said that redemption requests received before 3 p.m. will be paid out at $1 a share. The company said Primary Fund will continue to accept new money.
The size and speed of the withdrawals was stunning. At 3 p.m. on Tuesday, Primary Fund's assets stood at $23 billion, a $40 billion hit from the $62.6 billion in the fund on Friday, a spokeswoman for The Reserve told MarketWatch late Tuesday.
"Effective today and until further notice, the proceeds of redemptions from The Primary Fund will not be transmitted to the redeeming investor for a period of up to seven calendar days after the redemption," The Reserve said in a prepared statement.
Questo è magari un aspetto meno noto, ma se non è questo un "run to the bank"...
Questi fondi sono utilizzati anche dalle aziende che hanno eccesso di liquidità (con o senza debiti). Ricordo bene Equinix, che perse alcuni milioni di $, ma soprattutto si trovo "senza accesso" momentaneo alla sua liquidità... insomma, non fu una passeggiata... molta più incertezza, molti effetti collaterali anche su aziende che sembravano apparentemente "slegate" dalla banca d'affari.
Poi con il senno di poi il mondo non è crollato, mentre il nuovo è per sua natura imprevedibile...
tommy271
Forumer storico
Sovereign, Corporate Credit-Default Swaps Decline in Europe
By Abigail Moses - May 26, 2011 9:56 AM GMT+0200 Thu May 26 07:56:32 GMT 2011
The cost of insuring government and corporate debt fell in Europe, according to traders of credit- default swaps.
The Markit iTraxx SovX Western Europe Index of swaps on 15 governments dropped 5 basis points to 191. Contracts on Greece declined 10 basis points to 1,407, Ireland fell 3 to 659 and Portugal decreased 4 to 665, while Italy was 2 lower at 158 and Spain was down 4 at 251, CMA prices show.
The Markit iTraxx Financial Index linked to senior debt of 25 banks and insurers decreased 3 basis points to 153.5 and the subordinated index was 3 lower at 255.
The Markit iTraxx Crossover Index of 40 companies with mostly high-yield credit ratings declined 4 basis points to 366, and the Markit iTraxx Europe Index of 125 companies with investment-grade ratings fell 0.5 to 101.75.
A basis point on a credit-default swap protecting 10 million euros ($14.2 million) of debt from default for five years is equivalent to 1,000 euros a year. Swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements.
(Bloomberg)
By Abigail Moses - May 26, 2011 9:56 AM GMT+0200 Thu May 26 07:56:32 GMT 2011
The cost of insuring government and corporate debt fell in Europe, according to traders of credit- default swaps.
The Markit iTraxx SovX Western Europe Index of swaps on 15 governments dropped 5 basis points to 191. Contracts on Greece declined 10 basis points to 1,407, Ireland fell 3 to 659 and Portugal decreased 4 to 665, while Italy was 2 lower at 158 and Spain was down 4 at 251, CMA prices show.
The Markit iTraxx Financial Index linked to senior debt of 25 banks and insurers decreased 3 basis points to 153.5 and the subordinated index was 3 lower at 255.
The Markit iTraxx Crossover Index of 40 companies with mostly high-yield credit ratings declined 4 basis points to 366, and the Markit iTraxx Europe Index of 125 companies with investment-grade ratings fell 0.5 to 101.75.
A basis point on a credit-default swap protecting 10 million euros ($14.2 million) of debt from default for five years is equivalent to 1,000 euros a year. Swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements.
(Bloomberg)
frmaoro
il Fankazzista
80% che si risolva tutto in modo positivo, a questi prezzi strong buy
rischio rendimento ottimo
tommy271
Forumer storico
Public Power Corporation: Net Income Declined By 63.8% In 1Q11
Public Power Corporation announced on Thursday that its earnings before tax amounted to € 121.4 m in 1Q2011, compared to € 343.6 m in 1Q2010, a decrease of € 222.2 m (-64.7%), while net income amounted to € 93.3 m, versus € 257.5 m respectively, a reduction of € 164.2 m (-63.8%).
Revenues from electricity sales, including exports, decreased by € 121.3 m (-9%), from € 1,353.9 m in 1Q2010, to € 1,232.6 m, as a result of the decrease in the volume of sales by 2.8% (360 GWh), due to the market share loss in the domestic market (share of 93.4% in 1Q2011 from 98.1% in 1Q2010).
Third party suppliers are estimated to have increased their total sales by 615 GWh (from 246 GWh in 1Q2010 to 861 GWh in 1Q2011).
The change in the volume of sales is analyzed as follows :
- reduction of sales to the residential sector by 0.6%.
- reduction of sales to the agricultural sector by 2.4%.
- reduction of sales to the commercial sector by 16.6%,
- reduction of sales to the industrial Medium Voltage & Low Voltage sector by 2.1%.
- increase of sales to the industrial High Voltage sector by 12.1%.
- increase of sales to other sectors by 1.4 %.
- increase of exports by 116 GWh.
The decrease in payroll costs between 1Q2011 and 1Q2010 amounted to € 67.4 m, mainly as a result of the implementation of Laws 3833/2010 and 3845/2010 and personnel retirements outnumbering hirings.
Operating expenses, excluding depreciation, increased by € 80.3 m (+8.3%) from € 968.1 m in 1Q2010 to € 1,048.4 m.
Commenting on the financial results of the period, Arthouros Zervos, Public Power Corporation’s Chairman and Chief Executive Officer said:
“The first quarter results reflect the increase of the energy balance cost and the negative impact from the remaining distortions in the retail market.
Specifically, as the tariff rationalization has not yet been completed in order to fully address the advantages enjoyed by third suppliers who compete on non-equal terms, the increase of competitors’ sales in the retail market, in selected customer categories, contributed to a large extent, to the 9% decline in our revenues from electricity sales, We expect that with the anticipated adjustments of the tariffs in 2012, tariff distortions will be further contained, supporting the development of healthy competition. In parallel, we focus our efforts on reversing the current trend by adopting a new customer-centered sales philosophy as well as new innovative services to the benefit of our customers.
On the other hand, our payroll costs were significantly reduced by 20%, mainly as a result of the implementation of the relevant legislation as well as the net decrease in the number of employees, whereas, we will continue to focus our efforts on further cost cutting, having set additional savings targets for the year in areas like overtime, travel expenses, third party fees, etc.
For the full year, we expect the decline in revenues from electricity sales to be contained to 3.5% - 4% compared to 2010, with turnover marking app. a 2.5% decline. Assuming Brent oil price of $110/bbl and €/$ exchange rate of 1.37, EBITDA margin is estimated to be in the range of 19%-20%, mainly as a result of a worse energy mix and higher energy costs.
2011 is a year in which PPC needs to timely adapt to the new conditions that are shaping up in the Greek electricity market, promoting the creation of a new Group structure, and the implementation of our strategic priorities, in parallel with specific actions for further cost rationalization and enhancement of operational efficiency, given also the current difficult economic environment.”
(capital.gr)
***
Effetti recessivi.
Public Power Corporation announced on Thursday that its earnings before tax amounted to € 121.4 m in 1Q2011, compared to € 343.6 m in 1Q2010, a decrease of € 222.2 m (-64.7%), while net income amounted to € 93.3 m, versus € 257.5 m respectively, a reduction of € 164.2 m (-63.8%).
Revenues from electricity sales, including exports, decreased by € 121.3 m (-9%), from € 1,353.9 m in 1Q2010, to € 1,232.6 m, as a result of the decrease in the volume of sales by 2.8% (360 GWh), due to the market share loss in the domestic market (share of 93.4% in 1Q2011 from 98.1% in 1Q2010).
Third party suppliers are estimated to have increased their total sales by 615 GWh (from 246 GWh in 1Q2010 to 861 GWh in 1Q2011).
The change in the volume of sales is analyzed as follows :
- reduction of sales to the residential sector by 0.6%.
- reduction of sales to the agricultural sector by 2.4%.
- reduction of sales to the commercial sector by 16.6%,
- reduction of sales to the industrial Medium Voltage & Low Voltage sector by 2.1%.
- increase of sales to the industrial High Voltage sector by 12.1%.
- increase of sales to other sectors by 1.4 %.
- increase of exports by 116 GWh.
The decrease in payroll costs between 1Q2011 and 1Q2010 amounted to € 67.4 m, mainly as a result of the implementation of Laws 3833/2010 and 3845/2010 and personnel retirements outnumbering hirings.
Operating expenses, excluding depreciation, increased by € 80.3 m (+8.3%) from € 968.1 m in 1Q2010 to € 1,048.4 m.
Commenting on the financial results of the period, Arthouros Zervos, Public Power Corporation’s Chairman and Chief Executive Officer said:
“The first quarter results reflect the increase of the energy balance cost and the negative impact from the remaining distortions in the retail market.
Specifically, as the tariff rationalization has not yet been completed in order to fully address the advantages enjoyed by third suppliers who compete on non-equal terms, the increase of competitors’ sales in the retail market, in selected customer categories, contributed to a large extent, to the 9% decline in our revenues from electricity sales, We expect that with the anticipated adjustments of the tariffs in 2012, tariff distortions will be further contained, supporting the development of healthy competition. In parallel, we focus our efforts on reversing the current trend by adopting a new customer-centered sales philosophy as well as new innovative services to the benefit of our customers.
On the other hand, our payroll costs were significantly reduced by 20%, mainly as a result of the implementation of the relevant legislation as well as the net decrease in the number of employees, whereas, we will continue to focus our efforts on further cost cutting, having set additional savings targets for the year in areas like overtime, travel expenses, third party fees, etc.
For the full year, we expect the decline in revenues from electricity sales to be contained to 3.5% - 4% compared to 2010, with turnover marking app. a 2.5% decline. Assuming Brent oil price of $110/bbl and €/$ exchange rate of 1.37, EBITDA margin is estimated to be in the range of 19%-20%, mainly as a result of a worse energy mix and higher energy costs.
2011 is a year in which PPC needs to timely adapt to the new conditions that are shaping up in the Greek electricity market, promoting the creation of a new Group structure, and the implementation of our strategic priorities, in parallel with specific actions for further cost rationalization and enhancement of operational efficiency, given also the current difficult economic environment.”
(capital.gr)
***
Effetti recessivi.
Nobody's
Γένοιο οἷος εἷ
Credo farò correre il week....Magari il troika si sbilancia la prossima sett..
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