Список проголосовавших за комментарий " European Summary<p><strong>Schatz Yield Touches 5-Week High</strong></p><ul><li>European sovereign debt yields are moving lower this morning as U.S. Treasuries rally and equity market weakness pushes investors into safe havens. France's 10-year OAT yield again came within a whisker of a one-year high (0.92%). Purchasing managers' indices for Germany, France, and the entire eurozone are due out on Tuesday. The survey data has been very strong lately so these are releases to watch</li><li>The German two-year Schatz yield traded as high as -0.68% this morning after touching a low of -0.84% on December 29 of last year. The benchmark for short-term eurozone interest rates has now almost fully unwound its post-December ECB rally in prices (which move inversely to yields). Given that the European Central Bank's deposit rate (-0.40%) is much higher than the Schatz yield, there are only three reasons to own these securities. First, you think that there will be significant further cuts to the depo rate, which appears quite unlikely at the moment. Eurozone inflation dynamics are improving and the ECB's first move to ease policy would likely by stepped up asset purchases because cutting the deposit rate could (and has) hurt the banks. Second, you own the Schatz for regulatory purposes which could be very important if you are a bank. Third, you want to take a shot on the breakup of the eurozone, in which case your Schatz could be paid back with sharply appreciated Deutsche Marks. Also, the European Central Bank removed its deposit yield floor for the securities that its asset purchase scheme buys at the December 7-8 meeting, so expecting to sell to the ECB's program could be considered a fourth reason. None of these looks very compelling to us and yet the yield first touched its current level in June and has made no progress higher since that time. The 50-day moving average is at -0.73%</li><li>The European Union said today that the U.K. cannot negotiate trade deals with any other countries until after it has left the EU</li><li><strong>European Economic Data:</strong><br/> <ul><li>In Spain, industrial orders increased by 6.9% y/y in November, accelerating from October's 3.4% rate</li><li>Denmark's consumer confidence index jumped to 4.5 in January from -0.3 in December</li><li>The eurozone's government debt/GDP ratio fell to 90.1% at the end of Q3 2016 from 91.2% at the end of Q2 2016<br/> <ul><li>Greece: 176.9%</li><li>Germany: 69.4%</li><li>Italy: 132.7%</li><li>Portugal: 133.4%</li></ul></li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: -3 bps to 0.89%</li><li>Germany, 10-yr Bund: -3 bps to 0.39%</li><li>Greece, 10-yr note: -5 bps to 6.98%</li><li>Italy, 10-yr BTP: unch at 2.03%</li><li>Portugal, 10-yr PGB: unch at 3.85%</li><li>Spain, 10-yr ODE: unch at 1.50%</li><li>U.K., 10-yr Gilt: -4 bps to 1.39%</li></ul></li></ul>"