Stability Of The European Union (19) April 18, 2013 To [View instapost]
SPAIN'S BANKS FACE 10BN EUROS MORE PROVISIONS / THE FINANCIAL TIMES. Etiquetas: Banks And Banking, Spain
Spanish banks will need to put aside extra provisions of up to €10b to cover loans that borrowers will struggle to repay, according to an internal estimate by the Bank of Spain.
According to recent data, Spanish banks rolled over more than €200b of loans before they expired, often because corporate borrowers would be unable to repay their debt on time and in full.
The €10bn estimate is the first official assessment of the likely impact of the central bank’s new approach towards these refinanced loans. The Bank of Spain believes that the risks emanating from this practice, known as “extend and pretend”, have not been fully covered and is pressing all banks to reclassify their refinanced loans according to tighter standards by the end of September.
The new regime will make it harder for banks to treat refinanced loans as if they were performing normally, in turn forcing lenders to take additional provisions. “Our banks will need more provisions,” a senior official at the Bank of Spain told the Financial Times. “The provisions will affect their results, but the question is by how much.
We cannot know for sure but we think the impact will be between €5bn and €10bn across the system.” The new round of provisions is expected to make a significant dent in profits at a time when Spanish bank earnings are already under severe pressure in their home market. Spain is mired in a two-year recession, with both companies and households suffering the aftermath of a debt-fuelled housing bubble and soaring unemployment. http://tinyurl.com/olg... --- No, it's not €10b it's actually €200b in unperforming loans that will need to be written down, or written off.]
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
H7N9 bird flu found to spread through the air
The H7N9 bird flu virus can be transmitted not only through close contact but by airborne exposure, a team at the University of Hong Kong found after extensive laboratory experiments.
Though the virus appears to have been brought under control recently, the researchers urged the Hong Kong authorities to maintain strict surveillance, which should include not only poultry but humans and pigs.
"We also found that the virus can infect pigs, which was not previously known," said Dr Maria Zhu Huachen, a research assistant professor at HKU's School of Public Health.
In the study, to be published today in the journal Science, ferrets were used to evaluate the infectivity of H7N9. It was found the virus could spread through the air, from one cage to another, albeit less efficiently.
On a more positive note, it was found that the virus is relatively mild. "Most of the fatal H7N9 cases had underlying medical conditions, so there are probably some other factors that contribute to this kind of fatality," Zhu said. http://tinyurl.com/ns2...
My model signaled correction a week ago... and yes, corrections can happen during QE. What you are seeing now is a setup. I am still working on the Insta... I got another big project in and once its done, I can go back to work on it.
Stability Of The European Union (19) April 18, 2013 To [View instapost]
Thanks SD... It is quiet, but their are hints... I believe the number one EU priority is to push through some kind of fiscal union without treaty changes... I see that as a trap because once that happens, it should considerably raise the pain level if countries subsequently want to leave the EU Fiscal Union.
I think the initials of the Fiscal Union pretty much describe what will happen to citizens in those countries that join a fiscal union. The EU is tyranny.
That free trade agreement being worked on between the EU and the US will reduce our economic freedom in exchange for making the rich and powerful more rich and powerful.
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
They need to come to a consensus on the severity of the threat ASAP because Ramadan is approaching. Ramadan draws roughly three million Muslims from around the world every year to the Hajj, a mass pilgrimage Muslims are meant to perform at least once in their lifetimes. Nearly one million international tourists travel to Mecca during Ramadan - Close proximity. Ramadan is expected to begin on or around July 9 and will finish on or around August 7 this year.
I should start to free up tomorrow… Does anyone have a source for the current average price of stocks in the S&P ? Rough guess is somewhere between $60 and $75.
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
WHO says new coronavirus may be passed person to person
The World Health Organization says it appears likely that the novel coronavirus (NCoV) can be passed between people in close contact. "Of most concern... is the fact that the different clusters seen in multiple countries increasingly support the hypothesis that when there is close contact this novel coronavirus can transmit from person to person," the World Health Organization said on Sunday. http://tinyurl.com/cxw...
Stability Of The European Union (19) April 18, 2013 To [View instapost]
You rememeber the Hedge Shack :)
The hedge shack was about QE on and off... I don't think we have a QE off event comming, but I do think a correction is on the menu. I will try to provide some different ways to play the correction, but I don't know if I will have time to get the insta out before the event...
For those of you wondering what this is all about, I have been working on a macro market model, and I noted on the Quick Chat that it's signaling the possibility for a correction starting next week.
Hi WT It’s not the primary signal, but an auxiliary signal. Starting on 4/29, volume dropped from around 3B daily shares to around 445M daily shares. That’s a reduction in daily volume of between 6 and 7 times the average. This is not a random occurrence,
I looked at the FED’s POMO schedule, and they are buying in May. So this appears to be a NON FED coordinated activity.
This has nothing to do with the signal I am looking at, but between the two signals, it was enough to put me mostly into cash on Friday.
I am on deadline on two production statistics projects. As soon as I finish these, I will get to work on the insta.
In the meantime, I suggest caution, and for those with risk in their hearts... it might be a good time to consider a macro short. I would be very careful with a macro short. That sudden reduction of volume by what must be a large number of pros on 4/29 makes me wonder what other coordinated activities are in the script...
Stability Of The European Union (19) April 18, 2013 To [View instapost]
Spanish banks will need to put aside extra provisions of up to €10b to cover loans that borrowers will struggle to repay, according to an internal estimate by the Bank of Spain.
According to recent data, Spanish banks rolled over more than €200b of loans before they expired, often because corporate borrowers would be unable to repay their debt on time and in full.
The €10bn estimate is the first official assessment of the likely impact of the central bank’s new approach towards these refinanced loans. The Bank of Spain believes that the risks emanating from this practice, known as “extend and pretend”, have not been fully covered and is pressing all banks to reclassify their refinanced loans according to tighter standards by the end of September.
The new regime will make it harder for banks to treat refinanced loans as if they were performing normally, in turn forcing lenders to take additional provisions. “Our banks will need more provisions,” a senior official at the Bank of Spain told the Financial Times. “The provisions will affect their results, but the question is by how much.
We cannot know for sure but we think the impact will be between €5bn and €10bn across the system.” The new round of provisions is expected to make a significant dent in profits at a time when Spanish bank earnings are already under severe pressure in their home market. Spain is mired in a two-year recession, with both companies and households suffering the aftermath of a debt-fuelled housing bubble and soaring unemployment. http://tinyurl.com/olg...
---
No, it's not €10b it's actually €200b in unperforming loans that will need to be written down, or written off.]
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
The H7N9 bird flu virus can be transmitted not only through close contact but by airborne exposure, a team at the University of Hong Kong found after extensive laboratory experiments.
Though the virus appears to have been brought under control recently, the researchers urged the Hong Kong authorities to maintain strict surveillance, which should include not only poultry but humans and pigs.
"We also found that the virus can infect pigs, which was not previously known," said Dr Maria Zhu Huachen, a research assistant professor at HKU's School of Public Health.
In the study, to be published today in the journal Science, ferrets were used to evaluate the infectivity of H7N9. It was found the virus could spread through the air, from one cage to another, albeit less efficiently.
On a more positive note, it was found that the virus is relatively mild.
"Most of the fatal H7N9 cases had underlying medical conditions, so there are probably some other factors that contribute to this kind of fatality," Zhu said. http://tinyurl.com/ns2...
Axion Power Concentrator 238: May 21: Axion Power Reports First Quarter Results For 2013 [View instapost]
QC #257, May 10, 2013 [View instapost]
I wonder if those pigs are available for sale....
QC #257, May 10, 2013 [View instapost]
Stability Of The European Union (19) April 18, 2013 To [View instapost]
I think the initials of the Fiscal Union pretty much describe what will happen to citizens in those countries that join a fiscal union. The EU is tyranny.
That free trade agreement being worked on between the EU and the US will reduce our economic freedom in exchange for making the rich and powerful more rich and powerful.
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
QC #257, May 10, 2013 [View instapost]
Axion Power Concentrator 235: May 12: Axion Power Completes Private Placement For $9 Million And $1 Million [View instapost]
QC #257, May 10, 2013 [View instapost]
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
masks/ disinfectants… (APT) (MMM) (CLX) (ECL) (PURE)
Swine Flu AND Medical News Concentrator April 25, 2013 To ??? [View instapost]
The World Health Organization says it appears likely that the novel coronavirus (NCoV) can be passed between people in close contact. "Of most concern... is the fact that the different clusters seen in multiple countries increasingly support the hypothesis that when there is close contact this novel coronavirus can transmit from person to person," the World Health Organization said on Sunday. http://tinyurl.com/cxw...
Stability Of The European Union (19) April 18, 2013 To [View instapost]
The hedge shack was about QE on and off... I don't think we have a QE off event comming, but I do think a correction is on the menu. I will try to provide some different ways to play the correction, but I don't know if I will have time to get the insta out before the event...
For those of you wondering what this is all about, I have been working on a macro market model, and I noted on the Quick Chat that it's signaling the possibility for a correction starting next week.
QC #257, May 10, 2013 [View instapost]
It’s not the primary signal, but an auxiliary signal. Starting on 4/29, volume dropped from around 3B daily shares to around 445M daily shares. That’s a reduction in daily volume of between 6 and 7 times the average. This is not a random occurrence,
I looked at the FED’s POMO schedule, and they are buying in May. So this appears to be a NON FED coordinated activity.
This has nothing to do with the signal I am looking at, but between the two signals, it was enough to put me mostly into cash on Friday.
I am on deadline on two production statistics projects. As soon as I finish these, I will get to work on the insta.
In the meantime, I suggest caution, and for those with risk in their hearts... it might be a good time to consider a macro short. I would be very careful with a macro short. That sudden reduction of volume by what must be a large number of pros on 4/29 makes me wonder what other coordinated activities are in the script...