Aug. 27 - European markets trading steadily, despite the growing uncertainty surrounding Greece, the euro zone, and the ECB's ''whatever it takes'' next steps. AXA's Eric Chaney explains why.
Uncertainty the one thing that markets -- writes well pop's not. -- -- what are the case European assets would surely -- -- positives despite the huge uncertainties and an increase speeds possible -- And ECB's next fix. -- peripheral bonds and Google are all holding the event today I'm -- evil and this is today's market pulse. Well let's get streets at night to edit. Cheney he's chief economist at accident and hottest. -- haven't -- Obama won 25 spot his ten year yields close to 6% and seven on them stopped looking okay. Why invest those so -- I think that since Mario Draghi the Sudanese president. Has said that the CB we do whatever it takes to preserve the Euro. And he added and believe me we'd be enough I think that the markets have taken his words very seriously. Microsoft convinced that now the ECB. Is -- things -- in May be massively may be in an unlimited fashion. To pre -- guns that the spreads between Spain Italy and Germany to -- too much. And markets have taken a very positive -- because that was a very strong statement that was not the case the full. It was a strong -- -- it was a strong statement but a small thing but top buy anything since summing up lots of speculation what we might do it. What might not do the still a lot of uncertainty. Up some of the opposite view rights -- so that the the markets. What the news. I'm not sure of that that we by the fact now we are seeing at least on the position visiting Germany. There is even missing a politician. In from coast camp who say that says moderate -- he would remain in history as the money for -- would you believe that. The supposition is of course also the Bundesbank opposition and some other countries are against the city buying -- So will we see what is the compromise. Within the CB to intervene probably in the racial and all the bull markets as far as you said and -- uncle sent. But the facts are and unlikely to match the expectations of the market that is my analysis so solid that case then do you think Marcus are setting themselves up for a fall. Yeah I think you know that was a very very theme. Have a very -- but you straight he noticed though that was relatively easy to but you have to take a position. And these days it is if there is gone or is golf so you have to make a chose and it was based on now when we get to the facts. There's these ECB meeting on the sixth of September. There is the German constitutional court's ruling on the fifteenth of September I'm afraid that the markets would go to India was direction. What do you think drug -- and -- Thursday next week. I think. The ECB -- in that instance we'd announce that. Provided. That the countries which are in trouble. Make the request. To the EFSF and then to the yes and then the ECB. We do its job to make shall for the markets that the Euro is going to be sustained. And the position we'd be that you should be read by relatively short maturities. Of government -- of those countries which are making their requests. So the scenario that the -- and mine is that Spain would make these requests. And that at some point in time September October. The city we've stopped -- -- putting substance. Without giving any target -- in terms of quantities. -- in terms -- interest rates. Okay -- thank you very much that was -- Cheney. Chief economist accident and honest I'm not with today's market pulse chin and this -- each week Dayton daily dose of us moving on markets and want. I'm -- -- gave up. It's a vote them.