Italian bonds dropped the most in the eurozone after a wrist slap given to the European Central Bank by the German constitutional court over its quantitative-easing programme led traders to wonder if other debt-buying programmes may be challenged.
The yield on 10-year bonds jumped as much as 17 basis points, widening the gap with their German counterparts – a gauge of risk – to 250 basis points. And the euro was among the biggest decliners in major currencies, with traders adding to their short positions, betting it will fall further.
Germany's top judges gave the ECB three months to fix its 2.7tn euro ($2.95tn) public sector purchase program (PSPP), after a seven-to-one ruling stating that some parts of it aren't backed by European Union treaties. The ECB has also started a Pandemic Emergency Purchase Programme (PEPP) to counter the impact of the coronavirus.
'It's my understanding that it doesn't apply to PEPP, but if this proves a serious challenge to PSPP, the same argument could be made in courts against PEPP,' said Antoine Bouvet, a senior rates strategist at ING Groep NV. 'This is not the sort of doubt you want to instill in the market.'
The PEPP is a 750bn euro programme that runs out at the end of the year. The ECB started the public sector purchase program in 2015, to buy assets on the secondary market.
'It looks like the eurozone is shooting itself in the foot,' said Lee Hardman, a currency analyst at MUFG, who sees the euro falling through March lows if this isn't resolved in a market-friendly manner. 'The risk of another eurozone debt crisis would be significantly higher without ongoing support from the ECB. Those are the risks the market is weighing up in light of today's decision.'
The euro fell 0.6% to $1.0845 in London. Italy's two-year bonds were the hardest hit, and saw yields jump as much as 20 basis points to 0.83% before paring the increase. Debt in the rest of Europe's periphery also retreated, with the rate on Spanish and Portuguese benchmark securities rising at least four basis points.
Given the time it takes for such court rulings, the risk the ECB's bond-buying programs will be curbed by other legal challenges in the immediate future is unlikely.
The market is selling off 'due to what this ‘could' mean for PEPP – not today, but down the line (months/more likely years),' said Jordan Rochester, a currency strategist at Nomura International Plc. The ECB's controversial asset-purchase programme has been a concern for the German court since 2015, when the case was filed.
Here's what strategists said about the ruling:
Nomura International: 'What matters in FX is that it causes uncertainty and with it we'll likely see this move in EUR continue,' says Rochester.
'The Bundesbank is in a rough place. If in three-months' time the court is not convinced, clearly PSPP could enter a transitional period and they buy less bunds'.
In FX, 'we remain short and look for 1.06 in the month to come,' referring to euro-dollar.
Danske Bank: 'In practice, this means the purchase programmes can continue - both APP and PEPP, but ECB needs to ensure that this is temporary,' says strategist Piet Christiansen.
He adds that '‘PEPP is not up for trial - hence no impact on markets'
'I don't think we should read too much' into the three-month deadline, he added, noting other central banks would still be able to buy bonds
Commerzbank: 'The ECB now has to do some due diligence on ‘proportionality' over next three months together with the Bundesbank and the Bundestag – but this should pose no problem,' says head of rates strategy Michael Leister.
'The GCC is taking the edge out of '‘whatever it takes''. 'Even for bunds it's not positive to have the ECB potentially constrained'.
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Bond Report 10-, 30-year Treasury yields post biggest weekly slip in months as stocks wobble on fiscal-relief worries Last Updated: Nov. 20, 2020 at 4:44 p.m. ET First Published: Nov. Cheats, Tips, Tricks, Walkthroughs and Secrets for Slide Stories: Bonds And Memories on the PC, with a game help system for those that are stuck Cheats, Hints & Walkthroughs 3DS.
Before you begin
- Make sure that your iPhone, iPad, or iPod touch has the latest version of iOS or iPadOS.
- If you want your Memories to stay updated across your Apple devices, make sure that you're signed into iCloud with the same Apple ID across your devices, then turn on iCloud Photos.
Explore your Memories
![Slide Slide](https://forums.macrumors.com/data/attachments/752/752583-35d9ffad9654cac652df47b6b65527aa.jpg)
![Slide Stories: Bonds & Memories For Mac Slide Stories: Bonds & Memories For Mac](https://1.bp.blogspot.com/-MwgZK3xesL8/Xlmi3EeyuMI/AAAAAAAAeKU/67u5jH7QATI_KCgT3VQ4MIncLiyrEHS1QCLcBGAsYHQ/s1600/Untitled1129.png)
To see your Memories, open Photos and go to the For You tab. You can tap a Memory thumbnail to open it and see all the photos and videos in that particular Memory, or you can tap See All to scroll through all of your Memories.
![Stories: Stories:](https://cdn.cloudflare.steamstatic.com/steam/apps/979110/capsule_616x353.jpg?t=1596215195)
To see your Memories, open Photos and go to the For You tab. You can tap a Memory thumbnail to open it and see all the photos and videos in that particular Memory, or you can tap See All to scroll through all of your Memories.
Slide Stories: Bonds & Memories For Mac Catalina
When you open a Memory, you can scroll down to see the people included in the memory, a map showing where the photos and videos were taken, and a list of related Memories. To create Memories, Photos uses machine learning to analyze your library on your device. Your data isn't sent to Apple, so your memories stay private and only you can see them.
People
Tap the thumbnail of a person or a group of people to see more photos of them.
Places
Bonetown mods downloads free. Tap the map to see more photos taken nearby. Then select a badge on the map to see the collection of photos at that location.
Related Memories
Discover other Memories related to the one you're currently viewing. Memories are organized by people, places, scenes, events, pets, holidays, activities, and more.
Watch a Memory movie
Photos automatically creates a short movie for each Memory, complete with transitions, music, and featured photos and videos from your library. To watch a memory movie, just tap the Memory.
Create your own Memories
Photos automatically creates Memories for you, but you can create your own Memories, and even add someone from your People album to your Memories.
To create your own Memories from an album, or a specific month or day:
- Go to the Albums tab and select the album. Or go to the Library tab and tap Months or Days.
- Tap the More button , then tap Play Memory Movie.
- While the movie plays, tap the screen, then tap Edit.
- Tap OK, then make edits to the movie if you want.
- Tap Done.
To add someone in your People album to your Memories:
- Go to the Albums tab, then tap the People album.
- Tap the thumbnail of the person, then tap the More button .
- Tap Add to Memories.
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Save and share your favorite memories
Want to save a memory for later? Go to the For You tab, then select a Memory. Tap the More button , then tap Add to Favorite Memories. To see your Favorite Memories, go to the For You tab, tap See All next to Memories, then tap Favorites. If you decide that you don't want to save a Memory anymore, tap the More button , then tap Remove from Favorite Memories.
- Play a Memory movie, then tap it to show the editing and sharing options.
- Tap the Share button and choose to share the movie through Messages, Mail, Shared Albums, or your favorite social media sites.