July 30 - An Italian bond auction passes off smoothly, thanks to the ''Draghi effect''. But the ECB chief must deliver on his boldest rhetoric to date that he will save the euro, says Eric Wand at Lloyds.
Investors mop -- five and a half billion euros -- Italian bonds -- -- bulldogs and the knowledge all at least have the expectation. That ECB president money would not be able following last week's Busch action this week. I'm -- -- and this is today's market pulse well let's get straight time tonight to edit ones -- struck just Lloyds bank WBM. Com maximum sold. Lowest yields in three months something about. Success yet. Yeah I think Greg he's Texas -- what his magic to at least for this this auction. And done I think is pretty reasonable set of results given given the -- here could -- two couples was slightly soft but. -- -- you can sort that -- participation rights. In the country to be relatively content with with what that receive this morning. -- and one can assume that most of this was probably from domestic banks. Yeah of course there will be some international interest on the heels of the will -- loader and lost sleep about. Think -- if gentlemanly if -- he's been relatively lucky place that he it's domestic. Institutional investors -- those -- came to to participate in it in the auction so yes -- -- from a from a domestic -- like it. Okay at lower yield some thoughts on the ten year at least added that different from last month was only 22 basis points. You still on 6% that got -- be too intelligent. The F from a -- that some suspect you'll see -- these these these levels. The I'm not particularly -- light -- it in and it's sunny sees both because we're sustaining. If I knew that these kind of rights puts. -- along with some perspective it looked to be keen to see see prices substantially lower levels given the the general macro factual but some yes. Yeah I think -- some guest list but you hunt for and it's up. Sold -- the drug effect as you say excellent play he really has got to deliver it on Thursday what does the market want to see what will. Constitute. This is success. Food markets say -- think it is the means to see something. Over and above com toolkit which I have employed doing. That we'll talk about SNB purchases now. Yes well and good although I think the multi role if he's just purists and they and nothing else -- -- -- -- -- the -- would take that as a song and did that. The some -- can sell into it. Something in these -- and -- -- additional two the toolkit. And I think the tone of his voice recently as signals on his comments is suddenly being that he is that he does have some real obviously. Which. -- which which would continue this so peripheral rally. If if you would to -- meeting for the phones like and above what we can't happen -- Okay so did I say it as a tank to go along the film that you can tell you we've probably. Previously missed about a little bit some days. The only assumption. This coming week it does come out and it's not just the the subtle stuff without the full. Then knowledge that I could could well law will allow the rally around from further and frostbite the consensus which is. -- cell into a war played -- it expects to be. The some -- disappointment. Okay thank you very much. Well today's main story and equities HSBC. -- -- biggest bank reports a 3% fall in underlying first top profit to ten point six billion dollars. And also sets a site two billion dollars to cover legal and regulatory costs in the US and compensation cost them -- selling in the UK. As shares on something about the look coastal right this morning. Done more than 1% off to those results. Then rebounding top ten day high of 500 theft it pace the last I'd run 535. Banks still up on that date. But underperforming European banks which were up more than 2%. All of -- at Pomona but did join us this time each -- for market pulse a snapshot of what's moving on financial markets and apply. I'm Jamie gave up. This of Reuters.