April 13 - Some unwelcome records for Spain this Friday 13th: bank borrowing from ECB soars to €316 bln, sovereign CDS jumps to almost 500 bps. Spain concerns and slowing Chinese growth hit markets today.
The pressure on Spain intensifies as the years roll over its financial and economic -- this -- slower growth in China. Major markets in the volatile week on the back there. This is today's market pulse. Well let's stop with Spain on our -- -- all to date 360. Billion euros. That's how much Spanish -- -- from the European Central Bank in March according to practice being date to today. It's a record amount and almost bubble Fred but he's 169. Billion. It's also clear sign that spotted buying -- shot out of capital markets and a heavily reliant on the ECB for funding. Problems for Spain's banks of course mean problems for speeds governments. Bond yields a bottle -- rising up again to -- 6% today -- the cost of insuring against sovereign default that's a record high. -- yes hitting 492. Basis points out of state. It was on financials have done more than two percents and often on -- percent on the week. This is the fourth consecutive week of loss is a bit -- not seen since August it's a similar story for -- to. Done on the third of 1% today and also having its fourth on -- and general. Well one come -- closely tied -- the fortunes of oil is of course the moment and try and it has fallen a bit in recent weeks but last month it's a nine year high. David Bloom and global head of expects the set at HSBC. Says to come to that strength not only may have to think. Outside the box just like the Swiss away is all did that cutting writes them may not be a good idea is he'll be too much credit easing -- -- getting stuck on what to do. And so often it'll still have to move -- a long line and then they -- think. We need to do some the amount it lifts the Swiss franc so it's very possible not now. But if the milky Norwegian currency which is strengthen an optimal. Then not perhaps I'm not stop thinking we need to do the signs. Investors also died that digesting today's Chinese GDP data growth slipped in the first quarter two slowest in three years. But that eight point 1% there's no suggestion of a hotline they anytime soon that's not good news but FX traders wanting to see -- -- -- volatility -- -- so says David Bloom. I think the implications for the Euro and -- if that's on these go into a soft landing a very limited. If obviously -- on the re accelerates because their hat on lending. That is implications for commodities commodity currencies and -- feedback to do -- on to -- not it's thanks in the eurozone. So for the moment I think the Chinese currency squat -- able. It's much closer to an equilibrium right. And perhaps maybe that's why Euro -- looks did did is that desire to direct the minds it's going absolutely no way. Well that's all for not only to join us each weekday for your market pulse a look at what's moving in financial markets and why I continue to give out this is Reuters.