Beruflich Dokumente
Kultur Dokumente
Comentarios
• El FMI ha comentado que únicamente ayudará a Grecia si el país pide ayuda al Fondo. Entretanto, Grecia ha decidido probar suerte con una
subasta de 5.000 millones de euros en bonos a 7 años, si bien el resultado obtenido no ha sido espectacular (no se ha ofrecido diferencial de
rentabilidad). La emisión se ha cubierto 1,4 veces (se echó rápidamente la culpa a la Semana Santa) mientras que los CDS a 5 años subieron 23bps
en el día de ayer.
• Los datos sobre ingreso y gasto personal en Estados Unidos publicados ayer fueron algo decepcionantes. El gasto parece ir por buen camino de
cara a obtener sólidas cifras en el T1 pero ello se debe en gran parte a una tasa de ahorro más baja y al incremento de los pagos de
transferencias; el crecimiento de los ingresos sigue siendo débil.
• Mantenemos una posición alcista para el día de hoy y de continuidad en la compra de caídas respecto de las acciones.
Publicaciones de ganancias
País Hora (GMT) Nombre GPA prevista GPA anterior Comentario
(G(GMT)(GMT)
Informe Diario de Mercado
2.5
100
2
1.5
80
0.5
60
-0.5
40
18-nov 18-jan 18-mar 18-maj 18-jul 18-sep 18-nov 18-jan 18-mar
31-03-2009 31-05-2009 31-07-2009 30-09-2009 30-11-2009 31-01-2010
US Breakeven 10 Year Saxo CDS Index
USD breakeven 10 Year – an expression for Credit Default Swaps are expressions for the
measuring inflation expectations. perceived default risk in a company. Now at
AAA and BAA Corporate Bondsvs. 30yr USTreasuries
EURUSD Opt. Vol.
35 7
30 6
25 5
4
20
3
15
2
10
1
5
0
0
aug-08 nov-08 feb-09 maj-09 aug-09 nov-09 feb-10
03-08 05-08 07-08 09-08 11-08 01-09 03-09 05-09 07-09 09-09 11-09 01-10 03-10
EUR-USD OPT VOL 1W EUR-USD OPT VOL 1M EUR-USD OPT VOL 1Y Moody BAA - US Generic Govt 30 Year Yield Moody AAA - US Generic Govt 30 Year Yield
Volatility at different time horizons. Too low, now? Spreads are easing, but still showing tight
corporate debt markets.
PIIGSCDS 5 year CBOE SPX VOLATILITY INDEX
450 35
400
30
350
25
300
20
250
200 15
150
10
100
5
50
0
0
sep-09 okt-09 nov-09 dec-09 jan-10 feb-10 mar-10
jul-09 aug-09 sep-09 okt-09 nov-09 dec-09 jan-10 feb-10 mar-10
CBOE SPX VOLATILITY INDX
Portugal Ireland Italy Greece Spain
1
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