RMB analysts believe that a continuous stream of negative news and comments relating mainly European problems, continues to hold the world in suspense investor and make him continue to run into quality.Wednesday May 30 in this regard was revealing day.First, the focus is still focused on Spain.Yesterday, the ECB has made it clear that he is against helping the Spanish bank Bankia by the Spanish central bank, in connection with which the government has announced that it will release Treasury bonds for these purposes.The amount that is planned to involve very significant - € 19 billion. This is against the background of the fact that the rating agency Egan Jones downgraded the country's rating to junk level, and conducted last auction on placement of government bonds in Italy has shown a terrible results: the country has not been able to attract all plannedvolume in € 6,25 Bln. (raised only € 5,74 Bln.), the yield on 10-year securities was 6.03% compared with 5.66% at the auction on May 14 at a ratio of supply to demand against 1.42.3 at auction on May 14.The yield on Spanish "desyatiletok" Against this background, began to rise again, reaching 6.7%, thus approaching the "point of no return" at 7%, which is only reinforced concerns about the ability of Spain to cope with their obligations.Macroeconomics also pleased: the level of consumer confidence in the euro zone is at a stable low level of -19.3 points, while pending sales in the housing market in the US decreased in April by 5.5% m / m, while the expected zero growth.As a result, the EUR / USD crossed another milestone, now the level of 1.2400, falling to 1.2370 and lost at the end of the day the order of 0.7%.Sterling sank even more - by 0.9%, reaching the level of 1.5470.With the same force falling pair AUD / USD and NZD / USD.You can not say about the Japanese yen, which has strengthened against the dollar by nearly 1.0% - the quotation USD / JPY fell to the 78.70 level again gave rise to rumors of a possible intervention by the Japanese Ministry of Finance.
Analysts RMB, the oil market on the background of such negative external background does not hold above support $ 90 / barrel for WTI, then went into freefall after the European currency lost at the end of the day more than 3%.The decline from a peak of $ 109.77 on February 24 was 20%, which means the beginning of the "bear market".The probability of further decline of quotations is now only increased.
Feedback from RMB, such a strong decrease in quotations during the day it was due more to the situation in Europe, which continue to rise fears that Spain will not be able to cope with the crisis and its own debt.Quotes of oil WTI, before that show a relatively stable trend, finding support in the area of $ 90 / barrel, experienced strong pressure when this support was broken.Yesterday's decline at the same time, as mentioned earlier in the review, formally opened a "bear market", as the decline from a maximum of 24 of February ($ 109.77 / barrel) was 20%.
RMB notes that the last day of Thursday, May 31 th, was unusually eventful day.It is worth paying attention to the economic calendar, which is scheduled to enter the most important macroeconomic statistics in Germany (unemployment), USA (labor market report from ADP, the 2nd version of the report on GDP for the 1st quarter, crude oil inventories) and other macroeconomic indicators.We should also mention the referendum in Ireland, in which citizens will vote "for" or "against" "Stability Pact" of the EU, involving a reduction in government spending and other unpopular measures for the recovery of the economy and the possibility to receive financial assistance from the EU.The first results of the voting will be known only in the morning, but today's news feeds will get exit data pools.
