Post Tagged with: "New Zealand"
Market Mood Sours Ahead of the Weekend
Asia and European session dominated by safe haven flows; Fitch & S&P both downgrade New Zealand. Germany’s upper house and Austria vote on EFSF measures; we still feel EFSF 2.0 is still not enough. Brazil’s budget and inflation report in focus in LATAM; China’s manufacturing continues to slow
Euro: Is Move From May 10th Over? If So, then What?
On May 7th, the market covered some short euro exposure in anticipation of some sort of response by European officials. As we know they came up with a large package of guarantees (not just for Greece) and loans, and the ECB provided now liquidity facilities and agreed to buy sovereign bonds in the secondary market.
The carry trade unwinds and it’s not pretty
Just as Japan is starting to unwind its carry trade, a new one might be forming in the form of 1% base rates in the United States. The carry trade was very popular amongst Japanese retail investors, especially using leverage (see article – hat tip Yves Smith). But, this trade unwound in a vicious way
Asia is next
So, I am back in the saddle after a great weekend in Palm Beach. And three days almost entirely away from Newspapers, Televisions, Telephones, and Computers is a very good thing to clear the head. (Although I did happen to catch Sarah Palin on “Saturday Night Live” and I thought it was well done.) Let
New Zealand in recession: who’s next in Asia?
Last night, on Bloomberg TV I heard that New Zealand had become the first Asian economy to officially slip into recession. Today, I have seen the stats confirming this. Jim O’Neill, Chief Economist at Goldman Sachs, says the chance of global recession is only 10%. I don’t see how he can believe this with economies
The global credit crunch hits New Zealand institutions
Last week, we heard that Australia’s NAB had to take a massive writedown due to American CDO exposure (apparently triggered by Merrill Lynch). Yesterday, we heard about Australia’s ANZ Bank taking it on the chin to the tune of $1.2 million Australian. Now, it’s New Zealand’s turn with the problems at the New Zealand Guardian
Recession nears in New Zealand
I am here on my computer in anticipation of the morning market sessions in Asian trading. Certainly, this will set the tone for an important week. While I was looking for more news on the GSEs, I was reminded of the slowing economies around the globe by a Bloomberg report on New Zealand. In a