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Apro questo thread dietro richiesta nel thread dei lei rumeni ; purtroppo devo confessarvi di non aver mai seguito il fiorino, in quanto non ha mai offerto dei tassi nominali a mio avviso appetibili.
Inizio con questo articolo visto poco fa su Bloomberg Hungary?s Forint Weakens to 12-Month Low; Bonds, Stocks Plunge - Bloomberg.com
Hungary’s Forint Weakens to 12-Month Low; Bonds, Stocks Plunge
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By Piotr Skolimowski and Michael Patterson
June 4 (Bloomberg) -- Hungary’s forint dropped to the weakest level in a year, stocks plunged the most worldwide and government bond yields had the biggest increase since November 2008 after a spokesman for Prime Minister Viktor Orban said the economy is in a “very grave situation.”
The forint depreciated 2.1 percent to 287.73 per euro at 2:28 p.m. in Budapest, the weakest level since June 2009. The extra yield investors demand to own Hungary’s debt over U.S. Treasuries rose 93 basis points, the most since November 2008, to 4.12 percentage points, according to JPMorgan Chase & Co.’s EMBI Global Index. The BUX Index of equities tumbled 7 percent.
Hungary’s economy is in a “very grave situation” because the previous government manipulated figures and lied about the state of the economy,(hmm...dove ho gia' sentito queste parole ?
) Orban’s spokesman Peter Szijjarto said at a press conference in Budapest today. Talk of a default is “not an exaggeration,” Szijjarto said. European equities and U.S. stock-index futures fell after the comments.
“The headlines explain it all,” Koon Chow, an emerging- market strategist at Barclays Capital, said in a phone interview from London. “The situation in Hungary is not really that bad, but if you have someone from the government say something like that it only invites people to put on shorts.”
Credit-default swaps on Hungarian government bonds rose to 391.5 basis points from yesterday’s close of 308, according to CMA DataVision prices. An increase signals deterioration in investor perceptions of credit quality.
Fact-Finding Panel
The yield on the country’s forint-denominated bonds maturing in February 2013 rose 1.78 percentage points to 7.01 percent, the highest level since February, according to FIT Composite prices on Bloomberg.
“Liquidity has disappeared, interbank-market making ceased and there’s a total selloff,” said David Palmai Pallag, a bond trader at Raiffeisen Bank in Budapest. “The situation is starting to resemble the one we saw in 2008 just before the market came to a complete halt.”
Hungary secured a 20 billion-euro ($24 billion) loan from the IMF, the European Union and the World Bank in October 2008 to avoid default as the global financial crisis spurred investors to avoid the country and sent the economy into a recession.
Orban, who took over May 29 after winning elections by pledging to cut taxes and stimulate the economy, yesterday failed to get EU approval for looser fiscal policy.
A fact-finding panel will probably present preliminary figures on the state of the economy this weekend, Szijjarto said. The government will publish an action plan within 72 hours after the committee reports its findings, he said.
“The new government needs to think a bit more clearly about communication with the market,” Timothy Ash, head of emerging-market research at Royal Bank of Scotland Group Plc, wrote in an e-mailed comment. “You simply cannot talk like this in these markets.”
To contact the reporter on this story: Michael Patterson in London at [email protected].
Last Updated: June 4, 2010 08:45 EDT
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Inizio con questo articolo visto poco fa su Bloomberg Hungary?s Forint Weakens to 12-Month Low; Bonds, Stocks Plunge - Bloomberg.com
Hungary’s Forint Weakens to 12-Month Low; Bonds, Stocks Plunge
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Piotr Skolimowski and Michael Patterson
June 4 (Bloomberg) -- Hungary’s forint dropped to the weakest level in a year, stocks plunged the most worldwide and government bond yields had the biggest increase since November 2008 after a spokesman for Prime Minister Viktor Orban said the economy is in a “very grave situation.”
The forint depreciated 2.1 percent to 287.73 per euro at 2:28 p.m. in Budapest, the weakest level since June 2009. The extra yield investors demand to own Hungary’s debt over U.S. Treasuries rose 93 basis points, the most since November 2008, to 4.12 percentage points, according to JPMorgan Chase & Co.’s EMBI Global Index. The BUX Index of equities tumbled 7 percent.
Hungary’s economy is in a “very grave situation” because the previous government manipulated figures and lied about the state of the economy,(hmm...dove ho gia' sentito queste parole ?
) Orban’s spokesman Peter Szijjarto said at a press conference in Budapest today. Talk of a default is “not an exaggeration,” Szijjarto said. European equities and U.S. stock-index futures fell after the comments. “The headlines explain it all,” Koon Chow, an emerging- market strategist at Barclays Capital, said in a phone interview from London. “The situation in Hungary is not really that bad, but if you have someone from the government say something like that it only invites people to put on shorts.”
Credit-default swaps on Hungarian government bonds rose to 391.5 basis points from yesterday’s close of 308, according to CMA DataVision prices. An increase signals deterioration in investor perceptions of credit quality.
Fact-Finding Panel
The yield on the country’s forint-denominated bonds maturing in February 2013 rose 1.78 percentage points to 7.01 percent, the highest level since February, according to FIT Composite prices on Bloomberg.
“Liquidity has disappeared, interbank-market making ceased and there’s a total selloff,” said David Palmai Pallag, a bond trader at Raiffeisen Bank in Budapest. “The situation is starting to resemble the one we saw in 2008 just before the market came to a complete halt.”
Hungary secured a 20 billion-euro ($24 billion) loan from the IMF, the European Union and the World Bank in October 2008 to avoid default as the global financial crisis spurred investors to avoid the country and sent the economy into a recession.
Orban, who took over May 29 after winning elections by pledging to cut taxes and stimulate the economy, yesterday failed to get EU approval for looser fiscal policy.
A fact-finding panel will probably present preliminary figures on the state of the economy this weekend, Szijjarto said. The government will publish an action plan within 72 hours after the committee reports its findings, he said.
“The new government needs to think a bit more clearly about communication with the market,” Timothy Ash, head of emerging-market research at Royal Bank of Scotland Group Plc, wrote in an e-mailed comment. “You simply cannot talk like this in these markets.”
To contact the reporter on this story: Michael Patterson in London at [email protected].
Last Updated: June 4, 2010 08:45 EDT
Related Videos
Watch Axa's Chaney Interview on Sovereign Ratings
June 4 (Bloomberg) -- Eric Chaney, chief economist at Axa SA, talks with Bloomberg's Erik Schatzker about the outlook for sovereign credit ratings.
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