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Reviews pensions in the morning: pandemic sets weaker euro countries to

10:35  20 october  2020
10:35  20 october  2020 Source:   finanzen.net

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In response to the COVID-19 pandemic , national responses have been varied, and have included containment measures such as lockdowns, quarantines, and curfews.

Planning and preparing for pandemics has happened in countries and international organizations. The World Health Organization writes recommendations and guidelines, though there is no sustained mechanism to review countries ' preparedness for epidemics and their rapid response abilities.

(Bloomberg) - The bonds of the weaker euro countries suffered price losses on Monday, while the prices of bonds from the core countries hardly moved compared to Friday.

The rise in yields on Italian government bonds was particularly pronounced. They fell between around four basis points at the short end of the yield curve and around eight basis points at the long end.

The prices of the papers from the Iberian peninsula and Greece did not escape the pull of the Italian yields. At the short end of the yield curve, however, yields rose by less than one basis point and at the long end by up to four basis points.

The far-reaching restrictions on public life in many parts of Europe are likely to rekindle investors' worries about financial overstrain, especially in countries with poor credit ratings, even though the European Central Bank and reconstruction are expected to be ready in the coming year. Accordingly, there should have been a few profit-taking.

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The COVID-19 pandemic has spread with alarming speed, infecting millions and bringing economic activity to a near-standstill as countries In the face of this disquieting outlook, the immediate priority for policymakers is to address the health crisis and contain the short-term economic damage.

EU citizens entering the EU from a third country , as well as their family members, irrespective of their nationality, are exempted from the travel restrictions Passengers travelling from a non- EU country to another non- EU country may transit through the international transit area of airports located in the

Spreads der italienischen Staatsanleihen gegen Bundesanleihen ziehen an © Bloomberg Spreads of Italian government bonds versus Bunds are increasing

For Italy, the update of S&P Global's credit rating is on Friday's agenda. The BBB rating has a negative outlook. So far, S&P Global has been relatively cautious about lowering the credit ratings of euro countries with reference to the positive effect on the credit quality of development funds and the ECB.

According to the budget plans adopted by the Italian government, however, it will take a long time before the budget deficit and debt in relation to gross domestic product decrease. Investors could become more cautious about Italian bonds by Friday evening.

In contrast to the previous reporting week, in which the system of European Central Banks totaled around 14 billion euros - PEPP stocks rose by 15.6 billion euros, PSPP stocks fell by 1.9 billion euros - comparatively little volume of public securities within the framework who had acquired purchase programs, the latest yield and spread movements in the periphery could result in higher purchase volumes in the current reporting week.

Asian issuers chasing records in the euro bond market: Chart

 Asian issuers chasing records in the euro bond market: Chart © Bloomberg Rush to Europe (Bloomberg) - Bond issuers from Asia issued euro-denominated bonds with a value of 5.3 billion euros this month. This means that emissions from the region in the common currency have reached a record level since the beginning of the year. Borrowers worldwide are raising unprecedented funds to help combat the effects of the pandemic.

The masks had been ordered by the EU 's executive arm and was set to be distributed in six weekly In the wake of the 2020 COVID-19 pandemic and widespread complaints by nurses and other As the pandemic began to worsen, governments began employing strong-arm tactics including even

Unlike many countries , Sweden closed schools for the over-16s but kept those for younger pupils open, insisting on full attendance. Schools and universities are now open again. It also banned gatherings of more than 50 people and told people over 70 and in at-risk groups to self-isolate.

Fälligkeiten drücken PSPP-Käufe ins Minus © Bloomberg Due dates push PSPP purchases into the red

In addition, it can be assumed that the due dates from the PSPP will be replaced relatively quickly, even if the emission activity from the individual countries of the euro area has so far been manageable and a few more due dates are pending.

Tonight is the deadline set by House Majority Leader Nancy Pelosi to agree on a fiscal package that can be passed before the November 3rd election. During the course of Monday, Pelosi and the US Treasury Secretary grew closer. As before, the ideas are different in some details.

It is planned to continue the discussions during the day. Even if they agree on a common package later in the day, it remains unclear whether the law will find a majority in the Senate. Senate Majority Leader Mitch McConnell warned that there would be no majority for a large package within the Senate Republicans. If an agreement was reached, McConnell would then have to rely on the approval of the Democrats.

Joint bonds: New types of euro bonds strengthen the euro

 Joint bonds: New types of euro bonds strengthen the euro The joint financing of the corona aid creates a security with a high credit rating. That makes the European capital market more attractive. © Reuters The euro capital market still has to grow. In the USA , government bonds form a market of around $ 20 trillion. Even after the new euro bonds with a volume of 900 billion euros have been issued, Europe will still be a long way from this. But these papers are an important step on the way to making the euro a currency with international weight .

The COVID-19 pandemic is impacting the global population in drastic ways. In many countries , older people are facing the most threats and challenges at “Supporting and protecting older people living alone in the community is everyone’s business,” said Dr Hans Henri P. Kluge, WHO Regional Director

Individual country responses are not going to be enough,” Guterres said on Wednesday. The secretary general said the Covid-19 crisis Guterres has repeatedly called for aid from G20 nations this week as the global pandemic worsens and threatens to reach what he described as “apocalyptic proportions.”

Despite the rapprochement of the negotiating parties, it remains to be seen whether further fiscal support for the US economy could come soon. Despite the approximation, the probability is likely to be rather low.

With the mixed specifications from Asian trading with unchanged Treasury prices, US equity futures that gave up part of their profits, the prices of bonds from the core countries should open largely unchanged.

After the partly significant price losses of bonds from the periphery, the first bargain hunters could start buying. For BTPs, however, S&P Global's credit rating is likely to dampen demand somewhat.

Irish government bonds are likely to come under slight selling pressure on Tuesday due to the imposing of the very strict rules to contain the pandemic. At the same time, the state expects refinancing for 2020 to reach the upper end of the range of the planned 20 to 24 billion euros.

Economic data

The data from individual euro countries such as the German producer prices for September or foreign trade information for the entire euro area from August will not have any influence on the development of returns.

Double taxation of pensions: Judgments by the Federal Fiscal Court will be delayed until 2021

 Double taxation of pensions: Judgments by the Federal Fiscal Court will be delayed until 2021 The fundamental dispute over possible double taxation of pensions continues. Contrary to what was previously hoped, there will be no further clarification by the Federal Fiscal Court this year. © dpa Whether pensioners have to pay too much tax remains unclear for the time being. A long-standing fundamental dispute over a possible double taxation of the statutory pension will, contrary to what was previously expected, no longer be resolved in 2020.

This article documents the chronology of the response to the COVID-19 pandemic in May 2020, which originated in Wuhan, China in December 2019. Some developments may become known or fully understood only in retrospect. Reporting on this pandemic began in December 2019.

Can you speak fluent Covid? Pandemic triggers new wave of slang including Miley Cyrus for Coronavirus pandemic has seen a wave of new slang words across the world New Covid-19 related words include 'sanny', 'the rona' and 'covidiot'

The same goes for the number of building permits and starts in the US for September, which, according to forecasts, should have increased slightly compared to the previous month. The latest figures on sales of existing and new real estate indicated continued strong demand for real estate in the US, although fiscal policy support has so far failed to materialize. The very low mortgage interest rate is likely to make a significant contribution to real estate demand.

The numerous appearances by US central bankers - Randal Quarles, Lael Brainard (both voting), Charles Evans, Raphael Bostic - are unlikely to provide any impetus for the bond markets.

Primary market

The German finance agency is active on the capital market by increasing the current 2-year treasury by 4 billion euros. Despite the low negative yield that the papers have, there should be no technical shortfall. There should be enough demand. Placement concessions are also likely to remain within narrow limits at the short end of the yield curve.

The European Union will use the issuing window with little competition from other euro countries to place two social bonds with terms of ten and 20 years to refinance SURE. The mandate was given on Monday. The question will be what volume is aimed at with the two bonds.

A particularly attractive pricing of the new issues will probably not be absolutely necessary due to the expected strong demand. Nevertheless, the first two bonds are likely to be brought onto the market at attractive terms for investors. After the placement, there will also be a little more clarity as to how investors classify the instrument in terms of pricing.

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