Titoli di Stato area Euro PORTOGALLO Operativo titoli di stato

buttozzo ha scritto:
tommy a chi lo dici sulla grecia e' da piu' di un anno che sono dentro con loss di 7k adesso respiriamo un po adesso loss dimezzato pero' loss virtuali con gain reali di 3k con cedole e obbligazioni comprate e rivendute ciao ma al miting tu non vieni
Clicca per allargare...

Sono un cane sciolto.

La Grecia mi ha dato molto in questi mesi: anch'io come te, cedole reali e loss virtuali.
Tengo ferme le posizioni, il resto del mio portafoglio riporta il segno + quindi la situazione è recuperabilissima.
Dato che non gestiamo altrui portafogli, i conti li facciamo come vogliamo ... senza trimestrali di cassa :lol::lol::lol:.
 
tommy271 ha scritto:
Sono un cane sciolto.

La Grecia mi ha dato molto in questi mesi: anch'io come te, cedole reali e loss virtuali.
Tengo ferme le posizioni, il resto del mio portafoglio riporta il segno + quindi la situazione è recuperabilissima.
Dato che non gestiamo altrui portafogli, i conti li facciamo come vogliamo ... senza trimestrali di cassa :lol::lol::lol:.
Clicca per allargare...

Forse mi sono espresso male e un pò velocemente.
Il meeting è un'ottima occasione di incontro, tra l'altro con gente da cui c'è solo da imparare: persone veramente valide, basta leggere i post scritti con onestà e competenza.
Sono però impegnato quasi sempre 6 giorni su 7. La domenica è utilizzata per le mie uscite in bicicletta insieme alla moglie, il resto delle ore trascorre insieme alla famiglia.
Il tempo mi è veramente tiranno: perdo solo tanto tempo tra i miei monitor :(. Nessuno è perfetto.
 
Portugal cuts growth forecast in 2011 budget bill



By Shrikesh Laxmidas and Sergio Goncalves


LISBON | Sat Oct 16, 2010 4:29pm BST



LISBON (Reuters) - Portugal's minority Socialist government is forecasting a sharp slowdown in growth next year as wage cuts and tax hikes hit the economy, according to a 2011 budget bill which has yet to win opposition backing.

Made available on the parliament's website on Saturday, the government's budget foresees meagre growth of 0.2 percent in 2011, down from a previous estimate of 0.5 percent, and far below the 1.3 percent growth it is predicting for this year.
Portugal is under intense pressure from other euro zone countries and financial markets to restore confidence in its finances by passing a budget to rein in its deficit.

But the minority government of Prime Minister Jose Socrates must secure opposition support to push the budget through parliament later this month.
The head of Portugal's opposition Social Democrats (PSD) Pedro Passos Coelho has promised to announce his party's position on the budget after a meeting on Tuesday.
Socrates has warned that if it does not pass he will resign. Were the government to collapse over the budget, the country's electoral rules would make it impossible to hold snap elections now, plunging the country into political uncertainty until at least May of next year.

"Every budget is important but this budget is without a doubt the most important in the last 25 years," Finance Minister Fernando Teixeira dos Santos said when he delivered the budget to parliament on Friday evening.
"It is a budget that requires courage from all of us," he said, adding that he stood ready "24 hours a day" to negotiate with the opposition to pass the budget.
After a joint EU/IMF bailout of Greece earlier this year, Portugal has moved into the front line of the euro zone's battle with debt and banking weakness as investors grow increasingly concerned about the state of its public finances.

UNDER PRESSURE

The budget confirmed that Lisbon aims to slash its budget deficit to 4.6 percent of GDP next year from an estimated 7.3 percent in 2010.
The budget included a series of measures, notably a hike in value-added tax to 23 percent from 21 percent and a 5 percent cut in civil servant wages. It includes spending cuts equal to about 2 percent of GDP and tax increases equivalent to 1 percent of GDP.

Concerns over the fate of the budget pushed Portugal's risk premiums to euro lifetime highs at the end of September, although its 10-year government bond yields versus German Bunds tumbled on Friday as investors bet the opposition would eventually back the bill.

Joao Lampreia, an analyst at Banco BIG, said the falling spread suggested the market was turning more positive that the budget would be approved.
"It (the spread) is a sharp decline, showing that the perception of risk that the budget will not pass is diminishing," said Lampreia.
 
Moody’s diz que Portugal está a responder "adequadamente" a pressões do mercado

A Moody’s considera que Portugal está a responder "adequadamente" às pressões do mercado e às exigências por parte da Comissão Europeia.

A agência de “rating” Moody’s Investors Service considera que Portugal está a responder “adequadamente” às pressões no mercado e às exigências de consolidação orçamental por parte da Comissão Europeia.

Num relatório anual de análise de crédito sobre Portugal, divulgado há momentos, a agência acrescenta que Portugal tem um baixo risco de “eventos” desfavoráveis, ainda que as novas medidas de austeridade aumentem as probabilidades de uma recaída em recessão.

A Moody’s reiterou o “rating” A1 para Portugal, com perspectivas “estáveis”.

A nota de risco “contrabalança a elevada solidez institucional e o baixo risco de acontecimentos imprevistos com as baixas perspectivas de crescimento e a deterioração da situação orçamental do Estado”, diz a Moody’s.

“O acesso do Estado aos mercados de dívida foi gravemente testado, mas o Governo conseguiu cumprir as necessidades de financiamento através do pagamento de taxas de juro mais elevadas do que pagava antes do início da crise da dívida europeia, na Primavera”, acrescenta a casa de investimento.

No entanto, na opinião na Moody’s, as medidas de austeridade adicionais anunciadas a 29 de Setembro aumentam as probabilidades de uma recaída em recessão. Mas, a confirmar-se, isso não afectará a percepção de risco e o “rating” atribuído à qualidade de crédito de Portugal. A agência diz-se mais preocupada com as perspectivas de crescimento a longo prazo.

Jornal de Negócios Online
 
LONDON (Dow Jones)--Portugal's "high institutional strength...including the predictability and effectiveness of economic policymaking" support its credit ratings, Moody's Investors Service Inc. said Monday.
Moody's also said that Portugal's continued ability to tap financial markets for funding supports the rating.
"The government's access to the markets has been severely tested, but it has so far been able to fulfil its funding programme by paying somewhat higher interest rates than before the European debt markets deteriorated in the spring," Anthony Thomas, Moody's lead analyst for Portugal, said in the rating agency's annual credit analysis on the country.
These supportive factors help balance the country's weak growth prospects and the deterioration in the government's debt metrics, Moody's said.
But the Portuguese government is responding adequately to market pressure and demands from the European Commission regarding fiscal consolidation, the agency added.
Moody's rates Portugal A1 with a stable outlook.



Moody's: Portugal Supported By Institutional Strength, Market Access - WSJ.com
 
Portuguese Bonds Lead Peripheral Notes Higher on Deficit-Reduction Plans

By Lukanyo Mnyanda and Lucy Meakin - Oct 18, 2010 2:21 PM GMT+0200 Mon Oct 18 12:21:52 GMT 2010


Portuguese government bonds led the securities of so-called peripheral European nations higher amid optimism the country’s budget will win approval from lawmakers, easing concern about the struggle to cut deficits in the region.
The gains pushed the extra yield, or spread, investors demand to hold Portuguese 10-year securities instead of similar bunds to the least in eight weeks. Finance Minister Fernando Teixeira dos Santos presented spending plans to parliament late on Oct. 15. The planned budget cuts are a “bold” step, European Union Economic and Monetary Commissioner Olli Rehn said. Spanish bonds also rose, while German bund yields stayed near a three-week high.

“There’s the opinion that the government will finally reach an accord on the budget,” said Glenn Marci, a fixed- income strategist at DZ Bank AG in Frankfurt. “Everybody in the country is clear that if they fail to do so, or fail to comply with the market expectations of a solid budget, then they will be in heavy trouble. Then spreads would widen.”

The yield on the Portuguese 10-year bond decreased 29 basis points to 5.53 percent as of 12:34 p.m. in London. The spread with similar-maturity bunds narrowed 28 basis points to 3.09 percentage points, the least since Aug. 25. Spain’s 10-year yield fell three basis points to 3.98 percent while the yield on similar Irish bonds fell 14 basis points to 6.06 percent.

Portuguese Cuts

Portugal’s plan includes cuts to the public wage bill and increases to some taxes to trim the budget shortfall. Greece’s near-default led to a surge in borrowing costs for other indebted countries earlier this year.
“It’s a bold and significant step to stabilize public finances,” Rehn told reporters before a meeting of EU finance ministers in Luxembourg today.

Portuguese, Greek and Irish bond yields posted their biggest drop versus German bunds since May last week amid growing confidence that the nations will succeed in cutting their deficits and data that showed lenders in the region are less dependent on European Central Bank funding.

Portuguese government bonds have returned 3.39 percent this month so far, cutting their loss in 2010 to 4.34 percent, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. Spanish bonds made 1.07 percent during October, compared with a 0.4 percent loss by German bonds.

Bunds rose earlier as stock markets declined amid speculation a report tomorrow will show business confidence stayed near a 21-month low, fueling concern that Europe’s economic recovery isn’t yet secure.
The yield on the bund was little changed at 2.38 percent. It reached 2.383 percent on Oct. 15, the highest since Sept. 23.



(Bloomberg)
 
Crisi: Portogallo, piano tagli convince

Spread dei Pigs in calo rispetto a bund tedesco

18 ottobre, 17:43




(ANSA) - ROMA, 18 OTT - Il piano varato dal governo portoghese per riportare sotto controllo il deficit di bilancio piace ai mercati e spinge in calo gli spread dei titoli di Stato decennali dei cosiddetti Pigs rispetto al bund tedesco. Il differenziale di rendimento tra i titoli portoghesi e il bund tedesco e' sceso a 302 punti, quello irlandese a 350, quello greco a 640, quello spagnolo a 161 punti. Il piano di Lisbona ha avuto il plauso del commissario Ue agli Affari economici, Olli Rehn, che lo ha definito 'audace'.

***
Ora deve passare attraverso il voto del Parlamento.
Numeri risicatissimi, ma si conta sul senso di responsabilità.
 
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