Spanish banks need €51B-€62B in extra capital to survive a serious economic downturn, independent audits from consultancies Roland Berger and Oliver Wyman show. The government will now use the assessments to determine how much it will ask for out of the €100B that the EU has made available to rescue the sector. The Bank of Spain says the country's three largest banks don't need extra capital. [View news story]
HSBC's private China PMI - weighted more toward smaller private companies than the official estimate's big state-owned bias - shows even more contraction, slipping to 47.7 from October's 51.0 (and against last week's flash estimate of 48). S&P E-mini futures now -0.3%; the aussie sinks again, -0.72% against the U.S. dollar. [View news story]
The massive Monday rally? It appears the Fed made today's swap decision on Monday in a 9-1 vote with only Richmond Fed chief Lacker dissenting. [View news story]
I'm sure Raj Rajaratnam takes great comfort in your words.
The massive Monday rally? It appears the Fed made today's swap decision on Monday in a 9-1 vote with only Richmond Fed chief Lacker dissenting. [View news story]
I have full faith that this will be investigated and prosecuted to the full extent of the law...
Sweden's GDP grew at a zippy 4.6% annualized rate in Q3, besting estimates for 3.4% growth. One of the main drivers was an increase in exports, but given the state of the rest of the world, that GDP figure is likely to soften significantly in coming quarters. [View news story]
Umm, dirty viking socialists? I've got nothing, It'd be nice to see that kind of growth here in the U.S.
Stock index futures are sinking in early evening trade, apparently spooked by a report Belgium is unable to swing its share of the Dexia bailout. Talks are reportedly underway with France to negotiate it taking on a larger portion of the rescue. S&P 500 -1%, DAX -1.1%. Among open markets, Hong Kong -2%, Australia -1.2%. [View news story]
It's so weird, maybe the someone forgot to turn on the "we're all saved Wurltizer" this morning :).
Stock index futures are sinking in early evening trade, apparently spooked by a report Belgium is unable to swing its share of the Dexia bailout. Talks are reportedly underway with France to negotiate it taking on a larger portion of the rescue. S&P 500 -1%, DAX -1.1%. Among open markets, Hong Kong -2%, Australia -1.2%. [View news story]
Following encouraging discussions with Moody's, Austrian Finance Minister Maria Fekter expresses confidence the country will keep its AAA rating. It's a boost given that Austria has begun to feel some heat in the debt markets lately. Yields on 10-year bonds are +3 bps at 3.43%. [View news story]
I feel almost as confident with this declaration as I did when Timmeh Geithner made it!
Wild action in the currency markets where the euro is having none of this "risk off" action, soaring in the past few minutes to $1.3521, unchanged for the day. The other "risk" currencies - the aussie, the loonie, the real, the peso ... all remain sharply lower. Something's up. [View news story]
ECB chasing another "sound investment" after gorging on PIIGS debt?
Weighing The Week Ahead: Waiting For The ECB [View article]
Jeff, under the super committee section you listed that they're looking to make 1.2 Billion in cuts. Just curious if that was a typo for trillion. Even I have faith that this dysfunctional asylum of congress critters could get together for 1.2 Billion in cuts!
Congressional leaders begin informal talks on a smaller deficit cutting deal as the supercommittee struggles to achieve anything close to its $1.2T mandate. A fallback plan would preempt automatic cuts that would go into effect in 2013 should the supercommittee not reach agreement by Thanksgiving. [View news story]
If you couldn't tell, I was being sarcastic. I fully expect either the "trigger" to be defused or the "supercommittee" to come up with some reality bending definition of "cuts".
Spanish banks need €51B-€62B in extra capital to survive a serious economic downturn, independent audits from consultancies Roland Berger and Oliver Wyman show. The government will now use the assessments to determine how much it will ask for out of the €100B that the EU has made available to rescue the sector. The Bank of Spain says the country's three largest banks don't need extra capital. [View news story]
http://bit.ly/L8FT8h
Let's just say that the optimistic "we only(!) need 62Bil EUR" scenario relies on the banks having a P/E of ~1.5. Perfectly reasonable, right?
Patriot Coal's Deteriorating Financial Prospects [View article]
Should You Trade, Or Hold Your mREIT? [View article]
Should You Trade, Or Hold Your mREIT? [View article]
HSBC's private China PMI - weighted more toward smaller private companies than the official estimate's big state-owned bias - shows even more contraction, slipping to 47.7 from October's 51.0 (and against last week's flash estimate of 48). S&P E-mini futures now -0.3%; the aussie sinks again, -0.72% against the U.S. dollar. [View news story]
The massive Monday rally? It appears the Fed made today's swap decision on Monday in a 9-1 vote with only Richmond Fed chief Lacker dissenting. [View news story]
The massive Monday rally? It appears the Fed made today's swap decision on Monday in a 9-1 vote with only Richmond Fed chief Lacker dissenting. [View news story]
Sweden's GDP grew at a zippy 4.6% annualized rate in Q3, besting estimates for 3.4% growth. One of the main drivers was an increase in exports, but given the state of the rest of the world, that GDP figure is likely to soften significantly in coming quarters. [View news story]
Thursday's economic calendar:
U.S. Markets closed.
Happy Thanksgiving! [View news story]
Stock index futures are sinking in early evening trade, apparently spooked by a report Belgium is unable to swing its share of the Dexia bailout. Talks are reportedly underway with France to negotiate it taking on a larger portion of the rescue. S&P 500 -1%, DAX -1.1%. Among open markets, Hong Kong -2%, Australia -1.2%. [View news story]
Stock index futures are sinking in early evening trade, apparently spooked by a report Belgium is unable to swing its share of the Dexia bailout. Talks are reportedly underway with France to negotiate it taking on a larger portion of the rescue. S&P 500 -1%, DAX -1.1%. Among open markets, Hong Kong -2%, Australia -1.2%. [View news story]
Following encouraging discussions with Moody's, Austrian Finance Minister Maria Fekter expresses confidence the country will keep its AAA rating. It's a boost given that Austria has begun to feel some heat in the debt markets lately. Yields on 10-year bonds are +3 bps at 3.43%. [View news story]
Wild action in the currency markets where the euro is having none of this "risk off" action, soaring in the past few minutes to $1.3521, unchanged for the day. The other "risk" currencies - the aussie, the loonie, the real, the peso ... all remain sharply lower. Something's up. [View news story]
Weighing The Week Ahead: Waiting For The ECB [View article]
Congressional leaders begin informal talks on a smaller deficit cutting deal as the supercommittee struggles to achieve anything close to its $1.2T mandate. A fallback plan would preempt automatic cuts that would go into effect in 2013 should the supercommittee not reach agreement by Thanksgiving. [View news story]