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SOME BETTER-THAN-EXPECTED NEWS from the United States on the jobs front, and rumours that the European Central Bank was ready to buy Spanish and Italian bonds, helped to reverse some of the earlier losses on the stock markets today.
European markets were down by as much as 4 per cent in some cases, with the FTSE taking the largest hit as shares in Barclays and Lloyds TSB fell by as much as 10 per cent at one stage.
Before that, Asian markets had recorded steep losses with Japan’s Nikkei down by 3.7 per cent, and the Hang Seng index in Hong Kong down by 4.3 per cent.
But by lunchtime the drop had lost momentum, as rumours emerged that the European Central Bank was preparing to buy large chunks of Spanish and Italian government bonds, in a bid to drive down the cost of borrowing for those countries.
The cost of borrowing for those two countries both dropped on the news, with the Spanish 10-year bond yielding only just above 6 per cent by the close of trading this evening.
Similarly, the Italian 10-year interest rate stood at 6.08 per cent – well below some of the peaks registered earlier this week.
Both countries had seen their bonds rise perilously close to the 7 per cent threshold in recent days; that mark had been the line at which the EU and IMF had stepped in to offer bailouts to Greece, Ireland and Portugal.
As markets closed, the FTSE had restricted its losses to 2.7 per cent – still marking a drop of almost 10 per cent over the course of the week – while in Dubiln the ISEQ Index dropped 1.5 per cent to close at 2506.48.
The cost of Irish government borrowing was also at its lowest for four months, with the market yield on 10-year bonds standing at just over 10 per cent – a price last seen on April 20 when the cost broke through the 10 per cent barrier for the first time.
That, no doubt, was helped by S&P’s decision not to further downgrade our bonds – and some words of optimism about returning to bond markets and getting out of the EU-IMF bailout programme.
At the time of writing the main US markets were in positive territory – the NASDAQ was trading flat, while the Dow Jones and S&P 500 indexes were up by 1 per cent.
That move into positive territory – which would end eight straight days of losses – was fuelled by better-than-expected news on the creation of American jobs.
The Bureau of Labour Statistics said 117,000 new jobs had been created in July – beating the expectations of the market, which had expected around 85,000 – while the unemployment rate fell slightly to 9.1 per cent.
Market confidence was also boosted by late reports that Italy was about to introduce a new law – similar to that passed by the US earlier this week – barring it from any new borrowing, and forcing it to balance its budget.
Fears of an Italian bailout were particularly strong because of the size of Italy’s national debt, which is far higher than that of any other EU country.
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This headline should read ” insurance company reaping the benefits of gender directive”.
My insurance hasn’t gone down whatsoever! Also under this directive can I get a refund on the €4200 I paid for my first Years insurance back in the day
It’s all about equality.
Equality not so great now ladies.
Can men reclaim the horrific car insurance payments they made in their late teens and early twenties whilst women drove off paying less than half those rates? It was pure discrimination.
So is the article complaining that there is equality now?
It seems so.
Michelle must have enjoyed all those complimentary comments yesterday, because she’s on fire this morning.
I thought it was more that insurance companies are taking advantage of the directive?
It’s about time.
Isn’t equality nice!
I suppose the usual bleaters will complain now because things are not equal enough for them…
… and perhaps post such thoughts up in the form of articles.
There are positives and negatives of equality. You can’t expect to reap the gains and avoid the loses!
Cue Sinéad giving out!
Can’t wait for the age directive so older motorists have to pay the same as younger motorists
Mine still costs €1200 a year, which I can’t afford. Even my friends who now have full licences are paying at least €800 a year.
Complete Bo#$&x. Not a claim ever my renewal quote doubled this week, I don’t recall having a sex change. Even scouring around general quotes more than last years premium.
Mine went up significantly after the gender directive, but I noticed that my older sister, who doesn’t even have a full licence, still paid less than me. So age must be a factor too. My premium has now come down again thankfully, but all savings will be lost by the time I have to renew my health insurance!
Go online to renew health insurance, big money can be saved that way
Mine went down in fact all i pay is €350 fully comp. Its great really considering it was 800 two years ago… roll on the equality movement… next i hope that ALL my fellow citizens who drive around in 2014 brand new cars and hi-aces have to pay actual income tax and have benefits stopped until they can prove income… now there’s a novel idea.
I’m amused you are envious of those who drive HiAces…
There should be a tax on excess cynicism and assuming the worst about your fellow citizens.
Good
They obviously didn’t talk to Aviva if the research is indicating an average price drop for men.
My claim trippled this week. When I rang them I was told that all insurance was going up all across the board due to more claims. I had to shop around, I got a cheaper quote only 100euro over my old quote. Insurance companies are like criminals. Charge what they like with no fear.
Seeing as this a gender directive should LBGTI persons incur more costs , on account of their sexual mis-adventures and the dangers therin …, or is gender not a social construct when it comes to health insurance ?
Sorry?
Are you suggesting a gay person sleeps around more then a heterosexual?
Go out on any Saturday night and you’ll see a heterosexual person hooks up sleeps around the same as somebody that is gay, their all human’s after all with the same urges and desires.
Gender is not the same as sexuality.ffs.
http://www.belfasttelegraph.co.uk/service/advertorials/sexually-transmitted-infections-in-men-who-have-sex-with-men-msm-continue-to-soar-30086359.html , I’m merely stating a fact and proposed that perhaps a person who “identifies” as gay should bear the financial brunt if their lifestyle choice endangers their health
Don’t feed the troll/Neanderthal lads
Gay women are at a lower risk. Should they pay less?
As a gay women, I don’t think so.
They say gender doesn’t matter, yet they all ask if you’re male or female with no choice to ignore answering so I’m sceptical regarding any real change.
My Broker is charging a fee of €45 for renewal through them. I went online myself and got a cheaper quote than they got for me. A follow up call from the insurer got me another 5% off. Needless to say I’m taking care of business myself this year.
‘Gender directive’ – hate these euphemisms.
It’s not a euphemism. There really is a European Directive and it really does deal with gender. Council Directive 2004/113/EC if you’re interested.
So equal pay will be next on the agenda. Men get paid more than women in the same job so I suppose when they balance it as they have done here, the extra pay we will get will offset the hike in insurance. Of course by the same token the drop in wages for men will be offset by the drop in insurance
No they don’t
Equality, its all fun and games untill you see what it really means :)
Smoking , drinking heavily , pharmacuetical drug dependence , illegal drug use , over or under eating & depression would be factored into a quote for health cover , why not the practice of unsafe sex?
It depends on how the companies define unsafe sex? It also would depend on how they would regulate it and prove it. If people don’t admit to it, and are healthy, it can’t be proven. Unlike smoking, drug use, dangerous work etc.
have your say