Tag Archives: sovereign debt

The Bankia Signal

Another Friday, another wait for economic news out of Spain. The results of the second part of an audit of Spain’s banks  – started in May and with particular reference to their funding needs – is likely to be released … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , , | Comments Off on The Bankia Signal

Fed Decision – A Minority Report

The analogy sort of fits; and what put me in mind of it was the news this week that the FBI has commenced a project to create a hi-tech facial recognition database. We of course, are concerned about a different … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , | Comments Off on Fed Decision – A Minority Report

ECB Floats Yield Target Idea; U-Boats Launched

Late this morning the markets seem to have sobered up a bit following earlier barely fettered optimism about a Der Spiegel article over the weekend. It said: “The European Central Bank is considering setting limits on yields of euro area sovereign … Continue reading

Advertisement

Posted in | Tagged , , , , , , , , , , , , , , , | Comments Off on ECB Floats Yield Target Idea; U-Boats Launched

ECB Bullets To Shoot Down High Hopes [Sorry]

The views below are based on my soundings, readings and common sense. Responsibility my own: ESM banking licence: crisis would need to deteriorate significantly (threaten the core) before such a politically contentious and legally complex policy change is considered. Bear … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , , , , , | Comments Off on ECB Bullets To Shoot Down High Hopes [Sorry]

Negative Benchmark Omens – How Imminent is the Doom For Yields?

Discussion of whether [or when] there is likely to be a collapse in ‘core’ government debt prices appears to be increasing. One example Specifically in Europe, the question of when Bunds in general [and perhaps the Euro Bund Future contract … Continue reading

Posted in | Tagged , , , , , , , , , , , | Comments Off on Negative Benchmark Omens – How Imminent is the Doom For Yields?

Spain: the Pain the Bailout Forgot

EU leaders hailed it. Merkel & Co. gave their blessing to it. UK leaders nodded in mild approval to it. The IMF applauded it [from the sidelines.] And markets, of course, ‘sold’ it. It’s not that frequent for the political … Continue reading

Posted in | Tagged , , , , , , , , , , , , | 1 Comment

ECB Will Still=’Extremely Cautious Behemoth’ In January

At this point, the ECB seems unlikely to produce any material changes in policy with its announcements on Thursday. ======================================================== T&C reminders: please see disclaimer at head of this blog. please note the peculiarities of my discursive style: I try … Continue reading

Posted in | Tagged , , , , , , , , , , | Comments Off on ECB Will Still=’Extremely Cautious Behemoth’ In January

Why Pillaging Alpha From Italy’s Yields Might Not Be So Easy

Espresso 7% rate on all debt would cost just EUR140B Italy projects it will collect c. EUR500 bln taxes in 2012 Italy’s Total Debt Scenario Relatively Tame Italian household debt is about 40% of GDP Risk/Scope for Financial Repression Some … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , , , | Comments Off on Why Pillaging Alpha From Italy’s Yields Might Not Be So Easy

One Day, CHF and EUR, Will Be €1

With the world beset by all manner of crises right now, the Swiss franc is most likely on the closest to a vertical trajectory as we’ll ever see in our time. (We hope.)  And during such times, there there’s often … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , , , , | Comments Off on One Day, CHF and EUR, Will Be €1

Deutsche Bank could FAIL, strictly speaking

Deutsche Bank: solid as a Black Forest oak. But could it fail stress tests? The idea that it might outright or nearly fail the EU tests is gathering pace and adding a small chill to European markets right now. The results are … Continue reading

Posted in | Tagged , , , , , , , , , , , , , , , , | Comments Off on Deutsche Bank could FAIL, strictly speaking