Good Afternoon ,
The rally lasted just one day , a brief respite yesterday , and today while Ireland spiked up and down to eventually close marginally higher , the majority of markets did give way and gave up the gains such as they were yesterday.
A quiet day for company news in Ireland , though there was some construction news for Ireland and of relevance to Grafton and Kingspan with the release of the number of registrations with Homebond in January. The January number was 149, down by 27.0% yoy, compared with 149 registrations in December (-70.3% yoy) and 209 registrations in November (-54.2% yoy). The three month rolling measure (Nov-Jan), a better indicator as it smoothes out monthly volatility (particularly now as we are dealing with such small registration numbers), was down by 56.3% yoy, having been down by 51.5% yoy in December and by 52.0% yoy in November. We will update further when Premier Guarantee releases its data over the coming days.
The EU cracked down on Greece with the announcement of very strict monitoring of their finances after the Greek government submitted to the Commission its stability program for 2010-2013, which envisages cutting the budget deficit by 4 percentage points to 8.7 percent of gross domestic product in 2010 and thereafter to 5.6 percent in 2011, 2.8 percent in 2012 and 2 percent in 2013. The Commission says it shares the ambitious budget-reduction plan with Greece, but it's giving it the toughest treatment an euro zone country has ever had. EU Monetary Affairs commissioner Joaquin Almunia said Greece's objectives were achievable and necessary, he decided to make new recommendations the country on how to deal with growing sovereign debt. Almunia also announced he'll take the country to the EU Court of Justice to ensure it will never lie about its statistics again.
Rumours abounded that there is going to be downgrades of Spanish debt from the ratings agencies which certainly did not help either…Bonds markets are worried , and so equities are taking fright…
Not much today
Have a good evening
Liam
_________________________________________
Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
www.merrion-capital.com
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Greetings Liam .
ReplyDeleteIt's tough on the ground here in rural Ireland . I heard today of a local small agri merchant just gone into recievership .
Still the stock exchange is still buying and selling stuff so that's where i'm keeping my eye on . Same as buying & selling cattle or milk only a lot more growth potential !