Post Tagged with: "Spain"
Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 1)
The countries of the eurozone will eventually emerge from the sovereign debt crisis — with pain and difficulty. That is what Citigroup chief economist Willem Buiter, on a visit to Amsterdam on Friday during a roadshow, expects. Spain and Italy will get their finances in order and the ECB will jump in when necessary. Deep integration of fiscal policy, according to him, is not necessarily required
Successful Auctions Boost Tone in Europe
Better than expected reception to Spain and Italy’s debt auctions have spurred risk on; dollar softer. BoE, as expected, left policy unchanged, ECB expected to do the same; Japan’s current account shrinks. US advanced retail sales expected to rise to 0.3% from 0.2%; thoughts on the EM central bank outlook
Thoughts Ahead of Spanish and Italian Bond Auctions
Spain and Italy begin this year’s funding operations with bond auctions tomorrow and Friday. Although the euro is bouncing along its recent trough against not only the dollar, but against many of the other major currencies as well, there has been a modest improvement in some of the measures the market has focused on as metric of stress. Of course there are other signs that still show a high level of paralysis, including the fact that overnight deposits at the ECB continue to set record levels and are approaching 500 bln euros
The fireworks will start with Spain or Italy
Here’s what I had to say about Europe on Capital Account with Lauren Lyster on Thursday night. I’m not bullish on the real economy there (but I still expect relative share outperformance due to lower P/Es). The US is having a bit of a data surge to the upside: housing, employment, manufacturing, all of these numbers have been better of late
Right Now the Debt Crisis is European, But the Problem is Global
In addition to the European economic recession exerting a drag on the rest of the world, the real threat of bankruptcy of a major financial institution can rapidly spread throughout the globe as a result of a run on the banks or the opaque interrelationships between European banks and financial institutions in other nations
Why Spain may be More Worrisome than Italy
At the end of last year, Italian 10-year yields were more than 200 bp on top of Spain. The spread has narrowed in recent days, but is still well beyond the euro era average of about 10 bp and the late 2008 extreme near 65 bp. There is more room for Italy to outperform Spain
The Rain In Spain Falls Mainly On The Journalists, It Seems
Nothing in Spain is exactly as it appears to be, and that few of the arguments politicians and so called “experts” advance are entirely innocent. Most “information” circulating in Spain is highly politicised. Really “independent” analysts are virtually unknown
Euro Squeezed Higher, Takes Others With It, Positive Newstream
Successful Spanish and Greek bill auctions and better than expected German IFO caught the market wrong-footed, if the record net speculative short at the IMM is anything to go by. The euro has shot up to almost $1.3090 and pulled up the other major currencies and emerging market currencies in its wake
Downgrades, Upgrades and US Inflation
The dollar is broadly weaker as news developments remain mostly positive, boosting sentiment. North American session sees US November inflation; euro likely supported today on short-covering rally. RBI left rates on hold at 8.5%, as expected; IDR rallies after Fitch upgraded it to investment grade
Dollar Softer On Spain Auction, Firm Euro Zone PMI Readings
The dollar is broadly weaker as Spanish auction goes well, euro zone PMIs better than expected. SNB held policy steady with no change to EUR/CHF floor. China, Singapore data help boost sentiment; Hungary reaches deal with banks on CHF loans
Full text: Moody’s reviews five Spanish covered bond programmes for downgrade
The following is the press release Moody’s issued in putting the covered bonds of five Spanish banks on review for credit ratings downgrades
News Links: Is Denmark on Verge of Icelandic Style Crash?
Financial news links for 8 December 2011 including stories on Denmark and Danish bank capital, the European sovereign debt crisis and Spanish banks