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Tuesday, January 10, 2012, 5:39 AM Fitch says it won't cut France's AAA credit rating during 2012 unless there's a major economic shock. On the flip side, Fitch says a number of eurozone countries, including Italy, could see a one or two notch ratings cut by the end of the month. 2 Comments [Global & FX]
Friday, January 6, 2012, 8:19 AM Italian, Spanish and Austrian government bond yields are higher ahead of auctions next week due to the usual worries over Greece, Spain and Hungary, although sentiment on the latter is improving. Despite ECB intervention, Italian 10-year yields +3 bps at 7.12%, Spain +5 bps at 5.68%, and Austria +12 bps at 3.49%. Comment! [Global & FX, On the Move]
Thursday, January 5, 2012, 6:23 AM Italian unemployment rose to 8.6% in November, the highest since May 2010, from 8.5% a month earlier, with the rate among young workers breaching 30% for the first time. (PR) 2 Comments [Global & FX]
Tuesday, January 3, 2012, 12:51 PM Spanish 10-year bond yields jump 18 bps to 5.29% as traders cash in on debt that they say looks expensive vs. that of Italy. In addition, the grim outlook for Spain's public finances is starting to affect its outperformance over Italy, whose yields rise slightly to 6.9%. Comment! [Global & FX, On the Move]
Tuesday, January 3, 2012, 5:55 AM G7 countries will need to refinance over $7.6T of debt this year, with the amount increasing to more than $8T when interest payments are included. Japan leads the way with $3T, followed by the U.S. with $2.8T. Crucially, Italy will need to raise $428B and pay another $70B in interest. 2 Comments [U.S. Economy, Global & FX]
Thursday, December 29, 2011, 5:30 AM Italy sells €2.5B of 10-year bonds at an average yield of 6.979%. The auction was slightly oversubscribed, with a bid-to-cover ratio of 1.357%. All told, Italy raised ~€7B today from bonds of varying maturities; the plan was to sell €5B- €8.5B. 2 Comments [Global & FX]
Wednesday, December 28, 2011, 5:22 AM Italy sells €9B worth of 6-month bills at 3.251%, a huge improvement from 6.504% on November 25. The ten-year yield is dipping back below 7%, currently at 6.78%. 3 Comments [Global & FX, Breaking News]
Friday, December 23, 2011, 4:47 AM Italian PM Mario Monti gets approval for his €30B ($39B) emergency austerity package following a a final confidence vote yesterday evening. Comment! [Global & FX]
Thursday, December 22, 2011, 10:17 AM As expected, Italy's Senate OKs Mario Monti's €33B ($43B) austerity package, adding to the lower house's approval last week. Comment! [Global & FX]
Thursday, December 22, 2011, 8:53 AM Italy's Senate is due to soon vote on Mario Monti's €33B ($43B) austerity budget, which is designed to revive investor confidence in the country. The lower house authorized the package last week. Once the budget is passed, Monti will have to work out how to soothe the unions and revive growth. Comment! [Global & FX]
Wednesday, December 21, 2011, 4:22 AM UniCredit (UNCFF.PK) and Intesa Sanpaolo (ISNPY.PK) are among the Italian banks that will reportedly use bonds guaranteed by Italy as collateral for loans from the ECB. Sources say officials from Italy's biggest banks are meeting with the Finance Ministry today to define the terms of the transaction. In Italy, UniCredit +2%, Intesa +2.6%. 1 Comment [Global & FX, Financials, On the Move]
Wednesday, December 14, 2011, 5:48 AM Italian 10-year bond yields are creeping back up in the secondary market following another terrible goverment auction. Yields are still -3 bps on the day at 6.657% but had fallen to 6.636%. Comment! [Global & FX, On the Move]
Wednesday, December 14, 2011, 5:31 AM At its five-year auction today, Italy saw yields rise to a euro-era record of 6.47%, surpassing the 6.29% previous record that Italy paid last month. Comment! [Global & FX]
Monday, December 12, 2011, 5:30 AM Italy sells €7B in 12-month bills, with the average yield dipping down to 5.952% from 6.087% prior. Bid-to-cover of 1.92 vs. 1.99 prior. Comment! [Global & FX]
Friday, December 9, 2011, 4:14 AM Italian 10-year yields are +10 BPS at 6.56% and Spain's are +8 bps at 5.89% in the wake of the not so all-encompasing EU deal, but both are off earlier highs, with short-covering and possible ECB bond-buying probably the cause. German yieds are +2bps at 2.04% in choppy trading. Comment! [Global & FX]
Monday, December 5, 2011, 12:46 PM Joe Weisenthal reckons the collapse in Italian bond yields is not just due to the country's €30B austerity, it's because "the market anticipates that after a fiscal compact is reached, the ECB will step in and backstop the whole thing." If so, and the ECB doesn't step in, it also means that what goes down could also go right back up. 1 Comment [Global & FX, On the Move, Top Stories]

ITLT PowerShares DB 3x Italian Treasury Bond Futures ETN

ITLT

PowerShares DB 3x Italian Treasury Bond Futures ETN