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Europe Day Ahead: Devil in the detail for Spanish bank deal

Monday, June 11, 2012 - 02:03

June 11 - The euro zone needs to spell out the details of its Spanish bank bailout deal to stop a slide in confidence according to analysts.

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So much for the relief rally Spanish ten year yields spiked to fresh Chinese and euros on stokes give our most of that gains as straight as best or 100 billion Euro bailout. For Spain's banks raises more questions than it offices. A lack of -- -- conditions will be attack just one question has been on -- today Spain will face monitoring by the EU the IMAX. And ECB according to German officials back contradicts earlier comments by Spanish prime minister Mariano Rajoy. Who said the money would come with fewer strings attached to him. Even the overall size of the deal remains in doubt for some analysts the 100 billion Euro figure is more than twice some estimates support -- Spanish banks and lead. But -- -- senior FX strategist Jane Foley says the required amount could rise very quickly. And -- -- with him that read about it and he murdered that day. I came to the conclusion that I the next he -- I'm thankful that you need -- 101 billion and that wasn't the worse case scenario as that they risked their risk. At that coming forward at this number it was. And of course we've got to look at this against the backdrop of -- -- recession unemployment. And and that he he he. And it keeps it alive and if -- -- -- -- that's auctions will test appetite for safe haven bonds office of the Spanish bailout. The UK auctioning fight -- bonds with a 1% coupon that has yields today pushed back towards record lows below -- point 7%. And the Netherlands also coming to market up to two and a half billion euros of long term debt you on the prospect. Meanwhile London is the source of the -- a -- big economies face industrial output figures may offer some glimmers of hope the full cost. It's forty returned to grow from a bomb threat April manufacturing output numbers won't have seen edging back into positive territory. That is open for now but I joined right is every day and this time verdict of one's set to move markets. The problems is what is.

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Europe Day Ahead: Devil in the detail for Spanish bank deal

Monday, June 11, 2012 - 02:03