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Record low borrowing costs cannot stop Spain, Italy debt pile-up LONDON: Spanish and Italian borrowing costs have never been lower and yet, in the absence of inflation and stronger economic growth, both countries' debt levels are rising relentlessly.The problem is particularly acute in Italy, where the economy shrank again in the second quarter and where Prime Minister Matteo Renzi has led calls for greater flexibility in European budget rules to allow it to spend more.The debt pile-up, both in nominal terms and as a share of economic output, comes amid calls from Germany's Bundesbank to reduce debts "considered unsustainable in some countries".It is not certain at what point investors would consider debt too high and become unwilling to buy the bonds, but any new economic shock in Europe would re-open that debate. Risks include renewed weakness in the banking sector, a rift in economic ties with Russia or the prospect of higher interest rates in the United States.A European Central ...

Russian counter-sanctions send German Bund yields to record lows LONDON: German Bund yields hit a record low on Thursday as investors fretted over the impact of Russian counter-sanctions on Europe's already fragile economic recovery, which gives the European Central Bank another problem to consider.Russia's state news agency said on Wednesday that Moscow will ban all imports of food from the United States and all fruit and vegetables from Europe. Russia is by far the biggest buyer of European fruit and vegetables.The announcement came as ...
UK gilt futures extend gains modestly after BoE decision LONDON: British government bond futures edged higher after the Bank of England kept interest rates on hold as expected on Thursday.September gilt futures rose as much as 15 ticks on the day to 111.87 after the news, from levels around 111.79 just before the announcement. Sterling was little changed against the dollar.All economists polled by Reuters last week forecast that rates would stay on hold this month, though a majority thought that at least one ...
UK 10-year gilt yield falls to one-year low LONDON: Britain's 10-year government bond yield hit a one-year low of 2.506 percent on Wednesday, more than 7 basis points down on the day, as investors sought refuge in top-rated assets as tensions between Russia and Ukraine appeared to escalate.Gilt prices rose sharply in line with German government bonds, against a supportive backdrop of weaker-than-expected British industrial output data.Thirty-year gilt prices were also up, taking yields down to their lowest since May 2013 at 3.204 ...
Spain, Italy bond yields dip as BES contagion risk ebbs LONDON: Spanish and Italian bonds extended gains on Tuesday as fears receded that troubles in Portugal's banking sector could spread to other peripheral countries.Yields on Spanish and Italian bonds fell as investors reacted to weekend news that Portugal had bailed out its largest bank, Banco Espirito Santo, drawing a line under an issue that has shaken vulnerable peripheral debt in recent weeks."The periphery has been the main winner of the resolution of the Banco Espirito ...
Greek bonds extend losses as EU mulls scrapping troika control LONDON: Greek bonds extended losses on Tuesday as Brussels considered lighter-touch supervision of the bailed-out country that strategists say is still vulnerable to external shocks and unable to meet its commitments to reform.Greek bond yields have risen around 20 basis points this week, swiftly reversing initial declines that resulted from a ratings upgrade by Moody's late on Friday.Market experts have offered a long list of reasons for this underperformance ranging from its financial fragility, inability ...
Portuguese yields dip on relief after Lisbon agrees BES rescue LONDON: Portuguese bond yields fell on Monday after Lisbon agreed a near 5 billion euro ($6.6 billion) bailout of its biggest bank in a plan that reassured debt investors there would be no wider strain on public finances.After frenzied weekend discussions between Portuguese and European Union officials, Lisbon agreed to rescue Banco Espirito Santo, just months after the country exited an international bailout.Portugal's central bank, which only days ago said that BES could be recapitalised ...


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Arrow DJIA 17,042.90 0.17
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln