signal时雨:欧洲央行资金提振欧元区国家国债需求 Risk assets climb as eurozone fears fade

Another round of successful eurozone government bond auctions, plus further positive US earnings and economic news, helped risk assets maintain their upwards momentum.

在又一轮欧元区政府债券成功拍卖以及更积极的美国企业利润数据和经济新闻的支撑下，风险资产保持住了上行势头。

But lingering uncertainty about a Greek debt restructuring, plus growing concerns that Portuguese assets were showing increasing levels of stress, helped keep a lid on the day’s price action.

但围绕希腊债务重组的挥之不去的不确定性，加上市场对葡萄牙资产遭遇更大压力的担忧日益升级，帮助抑制了昨日的价格走势。

There was much relief in the markets that borrowing costs fell at closely watched auctions of Spanish and French government bonds. Madrid sold a total of €6.6bn of debt, much more than its target range, while Paris sold €8bn of medium-dated bonds in its first auction since being stripped of its triple A credit rating by Standard & Poor’s.

受到密切关注的西班牙和法国国债拍卖给出了借债成本下降的结果，令市场长出了一口气。西班牙总共售出66亿欧元国债，大大高于其目标区间。而法国在AAA信用评级被标准普尔(Standard & Poor’s)下调之后举行的首次拍卖中，售出了80亿欧元中期国债。

The results lent support to the euro, with the single currency breaking above $1.29 to touch a two-week high against the dollar. The haven appeal of German government bonds was dented, with the 10-year Bund yield rising 5 basis points to 1.83 per cent. The 10-year Treasury yield was up 8bp at 1.97 per cent.

这一结果为欧元提供了支撑，欧元兑美元升至1欧元兑1.29美元上方，创下两周高点。具有避险资产性质的德国国债的吸引力有所削弱，10年期德国国债收益率上升5个基点，至1.83%。10年期美国国债收益率上升8个基点，至1.97%。

But there was a growing perception among analysts that demand at recent sovereign auctions owed at least as much to the liquidity largesse of the European Central Bank as to any improvement in underlying sentiment.

但分析师越来越倾向于认为，对于近期主权债务拍卖中出现的需求，欧洲央行(ECB)注入大量流动性所起的作用起码和潜在市场情绪回暖一样大。

“The FX market continues to interpret successful auctions as a sign that the debt crisis is improving,” said Lutz Karpowitz, a currency analyst at Commerzbank. “In fact it is mainly ECB funds which are injected into the auctions via local commercial banks?.?.?.?which means that the ECB has in fact started financing the public spending of these countries.”

“外汇市场继续把拍卖成功解读为债务危机正在缓解的迹象，”德国商业银行(Commerzbank)分析师卢茨?卡波维茨(Lutz Karpowitz)表示。“事实上，起作用的主要是欧洲央行的资金，这些资金通过当地的商业银行在拍卖中买入了国债……这意味着，欧洲央行实际上已开始为这些国家的公共支出融资。”