In the United States also rates were slightly

Large European bond markets suffered a few tensions yesterday, on hesitation of the Scholarship Fund. The German 10-year rate is tended of 5 basis points to 2,654, the French equivalent also 5 basis, 2.993 points late in the afternoon. In view of the result of the "stress tests" of European banks - which could help to allay the fears, according to observers-, a volley of us results and some macroeconomic data (in particular the speech of Ben Bernanke, Chairman of the Fed), the trend was relatively unstable. "Is the appetite for risk, and thus the behaviour of actions, which dominates at this time.". The market is very nervous and limited volumes, which major movements in the meeting. "For example, the German Bund has moved 10 basis points between the two extremes of the day", said Patrick Jacq, strategist at BNP Paribas.

Rates of different peripheral so-called European countries still used paths very various, with each nation-specific news. The rate to 10 Hungarian years stretched by 29 basis points, at 7,598, and the forint fell. This weekend, the discussions of the Government of center-right with the international monetary Fund (IMF) and the European Union ended prematurely without conclusion of evaluation of the program in the country. At the time, Budapest cannot have access to the rest of a loan that is allocated. The two institutions have requested "difficult decisions" in the remediation of the public finances of the country. Yesterday, the Ministry of the economy, excluding new austerity measures, said that the delegations would return in September.

Three emissions expected

The gap between the Hungarian and German rates of reference widened to about 11 basis points in the afternoon. The CDS (credit default swap", i.e. the cost of a protection on the Hungarian debt) climbed 46 points base, to 362,5 points, the highest increase since politicians comments comparing the Hungary with the Greece, six weeks ago, according to the Bloomberg Agency (on the basis of the CMA data). "This is important but it is in no way comparable with the levels seen at the height of the Greek crisis, says René Defossez, strategist at Natixis.". Normally, the new negative on the Hungary should enjoy sovereign borrowing French or German, but the market is probably convinced that the situation will be settled: the problem is primarily political. "The Ireland rate is tended, him, 6 points from base to 5,487, after the lowering of a notch of the note of sovereign debt by Moody's. "However, the enlargement of the spread has remained very limited, this change of notation is not a surprise", resumed René Defossez. Spanish rate, on the other hand, relaxed by 6 basis, 4,398 points, in the wake of the trend after last week's successful award.

Operators now expect emissions from the Ireland (securities maturity 2016 and 2020) for EUR 1.5 billion, and then the new paper at 30 years of Germany Wednesday (for 4 billion euros). They also watch the operation of Greek bonds (for 1.5 billion) today. "At first glance, the three should happen." It will be interesting to see if the Greece can keep rates as low as the previous show, said Jean-François Robin, at Natixis. This week, refunds are higher than emissions, which is logically positive for the bond market.

In the United States also, rates were slightly. If 2 years was almost stable in the mi-séance, close to its record low point, 10 years took 2 basis, 2,941 points, after American developers confidence figures, the lowest for more than a year. The NAHB/Wells Fargo of the residential market index has lost 2 points, to highlight to 14 points in July, while the consensus of economists expected 16 points.