It’s just that it can take a bit of work to access it, and the type and amount of work can vary by camera model. All digital cameras do keep track of this information, however. Unfortunately, camera makers don’t exactly offer an odometer on their products to easily display how many actuations a shutter has delivered. Either way, knowing how many times the shutter has been released can be important to a photographer interested in his equipment. More expensive, professional camera models are typically built to withstand a greater number of shutter actuations (well upwards of a quarter of a million, in fact) while inexpensive consumer cameras aren’t built to withstand such use. And much as automobile usage is measured via total miles traveled, camera usage is measured by total frames exposed. The euro extended losses during Lagarde’s press conference and was last down 0.4%.Just like moving parts on automobiles wear out with use and time, the moving parts on cameras do too. "Demand for collateral is likely to remain elevated despite today’s announcement, and we don’t expect a further substantial tightening of swap spreads in the future," Di Bella said.Įuro zone bank stocks (.SX7E) jumped to their highest level in more than two weeks as the ECB did not make major changes to the way it remunerates their excess reserves. The gap between the two-year euro swap rate and Germany's two-year yield dropped over 15 bps to 0.90% on Thursday, after rising to the highest since the euro zone debt crisis earlier this week at around 115 bps, according to Refinitiv data, but remained at historically elevated levels. "Swap spreads tightened after Lagarde said the government deposit rate would likely increase to 0.75%," said Francesco Maria Di Bella, fixed income strategist at Unicredit. This would exacerbate a shortage of such bonds after years of ECB asset-buying that have reduced the free float available for investors. That would have led debt offices to take more collateral, in the form of high-quality debt, out of the market, they said.Ī particular concern was that debt offices would stop lending out their bonds in return for cash through repurchase agreements, or repos, or conduct reverse repos, where they lend cash in return for bonds. Starting on Sept 14, euro zone government cash balances at their national central banks will be remunerated at the ECB's deposit rate, which was raised to 0.75% on Thursday, or overnight rate ESTR, whichever is lower.Īnalysts said without a change following Thursday's rate hike, the 0% cap would have incentivized government debt offices to cut their cash balances at their central banks. īut the rise in bond yields accelerated, and short-dated German debt faced the brunt of the selling pressure after the ECB news on government deposits. Other two and 10-year bond yields also rose, with Italian 10-year yields up 8 bps at 3.95%. "Another thing we have to bear in mind is that today’s decision was unanimous." They will continue to hike into next year," said UBS economist Dean Turner. "Today's market reaction has more to do with ECB's firm commitment to hiking rates in the next few meetings. Germany's two-year bond yield soared more than 20 bps to 1.324%, its highest since 2011, while 10-year bond yields were up 14 bps to 1.71%. Register now for FREE unlimited access to Register
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