Spain again in the thick of things with installment debt issuance media certainly will mean a significant test of the country's ability to continue to be funded. We believe that this place expensive, because these references are facing in the secondary yields about 100 bp higher than a month ago (5 to 5.1%), but we expect an acceptable level of demand, which may temporarily ease the pressure of the debt markets.
After the SNB would cut interest rates 0.00 to 0.25% up to weaken the franc after considering overrated, Japan did the same with the BOJ's intervention in markets to weaken the yen for the first time since March. The BOJ has also expanded its asset purchase fund of 5 billion yen (63 million) to 15 trillion yen (189 million) and kept rates near zero today, before meeting the ECB and the BOE. Rumors of a new stimulus is increased after this week in U.S. manufacturing data to grow at slowest pace in two years, spending fell unexpectedly and service industries grew at the slowest pace since February 2010.
Consequently, we could live a quieter session in which European stock markets will stabilize after a best response in the last hours of Asia and the U.S..
