Credit Writedowns » Britain

Norway dumps Irish and Portuguese bonds, Switzerland increases Sterling reserves

Marc Chandler — Fri, 04 May 2012 13:34:09 +0000

The Swiss National Bank reported its reserve figures yesterday and the increase in its sterling holdings are notable and may help explain the its relative strength, despite data a soft real sector reports, culminating in the news last week that, defying expectations, the UK economy contracted in Q1, the second consecutive quarter that the British economy shrank. Separately, Norway's sovereign wealth fund, the Government Pension Fund Global, indicated it has sold off its Irish and Portuguese bond holdings, pared its Spanish and Italian holdings and increased its exposure to Mexico, Brazil and Indian bonds

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Dollar and Yen Bounce Back as Periphery Concerns Mount

Marc Chandler — Tue, 10 Apr 2012 12:00:00 +0000

As full liquidity returns to the markets for the first time in nearly a week, the US dollar and Japanese yen have rallied. First though weak short euros and long yen cross positions were squeezed in early Asia, but by the time Europe entered the fray, the moves were well under way, with the euro and sterling coming off and the yen rallying

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You Can’t Handle the Truth!

Niels Jensen — Wed, 04 Apr 2012 21:49:56 +0000

Remember the scene in A few Good Men where Colonel Jessup (Jack Nicholson) and Lieutenant Kaffee (Tom Cruise) trade insults? Following some pretty intense questioning, Kaffee yells at Jessup: “I want the truth”. With the deadly glare that only Jack Nicholson can muster, Jessop retorts: “You can’t handle the truth”. I was reminded of this rather famous moment in film history when a long time reader of the Absolute Return Letter asked me recently: Why don’t you tell the truth about the UK economy? Why don’t you tell it as it is – that the situation in the UK is worse than it is in the eurozone? I decided to take up the challenge from the reader. I am not sure that I actually agree that the UK is in a worse position than most eurozone countries; it is worse in some respects but better in others. More about this in a moment

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[Premium] More on financial repression

Edward Harrison — Mon, 19 Mar 2012 21:00:08 +0000

This is a silver level post which continues some thoughts from the daily commentary on the effect of low nominal and real rates. Martin Wolf's latest commentary at the FT features prominently

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Full Text: Fitch Affirms United Kingdom at ‘AAA’; Revises Outlook to Negative

Edward Harrison — Wed, 14 Mar 2012 20:25:47 +0000

Fitch Ratings released the following statement today in conjunction with their latest ratings action on sovereign debt issued by the United Kingdom

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Steve Keen on the Australian economy and housing bubbles in Australia, Canada, UK and Hong Kong

Edward Harrison — Tue, 13 Mar 2012 12:19:48 +0000

Good video with Steve Keen, the Australian economics professor with Max Keiser. Steve not only talks about the Australian economy and that country's housing bubble but also about the bursting of housing bubbles in Canada, the UK and Hong Kong

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Four Key Economic Developments and Their Market Implications

Marc Chandler — Wed, 22 Feb 2012 15:49:53 +0000

There have been four noteworthy developments today that will shape the investment environment

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Greece and the Rise of Nationalism in Europe and East vs West

Edward Harrison — Wed, 15 Feb 2012 15:00:53 +0000

I am not particularly shocked or worried about the cancelled European finance ministers meeting. I still think this bailout gets done because Europe and the markets are not prepared for a disorderly default and politicians cannot risk the fallout one would create. Where my concern lies is the medium to longer-term

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Majors Trading Flat ahead of the ECB

BBH — Thu, 09 Feb 2012 12:35:29 +0000

The dollar is paring back some of its recent losses, with currencies mostly range bound, ahead of the ECB. The EuroStoxx 600 is currently up 0.25%, with bank shares up 0.8%; S&P 500 futures are essentially flat. Euro zone sovereign 10-year yields are mixed; Portuguese 10-year down 17bps, Spanish 10-year up 7bps

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Seven Observations about Commitment of Traders in FX

Marc Chandler — Mon, 23 Jan 2012 14:00:00 +0000

The Commodity Futures Trading Commission requires futures traders to identify whether they have an underlying business interest (commercials) or if they don't (non-commercials). Here are seven take-aways from the most recent report that covered the week through January 17th

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