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November 1, 2011
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EU Moral Hazard, Everyone Wants To Stop Paying Their Debt
October 31, 2011
Reuters – Merkel: Must prevent others from seeking hair cuts Chancellor Angela Merkel said on Friday it was important to prevent others from seeking debt reductions after European Union leaders struck a deal with private banks to accept a nominal 50 percent cut on their Greek government debt holdings. “In Europe it must be prevented… Continue reading EU Moral Hazard, Everyone Wants To Stop Paying Their Debt
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Italy
October 31, 2011
<Click on chart for larger image> The Wall Street Journal – Italian Bonds Fall Sharply Italian government bonds buckled Monday, with five-year yields climbing to euro-era highs and the 10-year yield rising above the psychologically important 6% level as the post-European Union summit enthusiasm in risky assets fizzled out. The five-year Italian bond yield rose… Continue reading Italy
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Greek Bonds: The ECB Gets Par, Everyone Else Gets 50 Cents
October 31, 2011
Ekathimerini (Greece) – ECB’s double standards It is worth noting that while European officials sought to exempt the ECB from the haircut on the grounds that is not a private sector investor, they refused to exempt pension funds on the grounds that these concern private, not public sector savings — a clear case of double… Continue reading Greek Bonds: The ECB Gets Par, Everyone Else Gets 50 Cents
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Japan Intervenes
October 31, 2011
<Click on chart for larger image> The Wall Street Journal – Japan Intervenes on Yen to Cap Sharp Rise Currency Strength Seen to Be Dragging Down Economy; Move Designed to Help Export Sector The amount of yen Tokyo unloaded is thought to be a record for a single day. While Finance Minister Jun Azumi would… Continue reading Japan Intervenes
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MF Global, A Textbook Example Of Moral Hazard
October 31, 2011
The Wall Street Journal – Corzine Races to Save Firm MF Global, Imperiled by European Bond Bet, Nears Deal With Interactive Brokers In late 2010, Mr. Corzine started making big bets on bonds issued by European countries. He sometimes placed orders himself based on a list of prices left with an assistant, according to people… Continue reading MF Global, A Textbook Example Of Moral Hazard
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China Is Not A Savior
October 31, 2011
Reuters – China Not a ‘Savior’ for Europe: Xinhua News Agency Europe should not expect China to ride to the rescue as its “savior” from the debt crisis, though Beijing will do what it can to help a friend in need, state-run news agency Xinhua said in a commentary on Sunday. The head of Europe’s… Continue reading China Is Not A Savior
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Earnings
October 31, 2011
The Wall Street Journal – Earnings and Stocks: Is It Trick or Treat? More than 70% of companies have beaten earnings estimates, compared with 62% on average since the early 1990s. Prospects, however, have been dimming. Earnings estimates for the S&P 500 in the current fourthquarter have already fallen 3%—the biggest monthly decline since April… Continue reading Earnings
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Bonds Beat Stocks
October 31, 2011
Bloomberg.com – Bonds Beating U.S. Stocks Over 30 Years for First Time Since 19th Century The biggest bond gains in almost a decade have pushed returns on Treasuries above stocks over the past 30 years, the first time that’s happened since before the Civil War. Long-term government bonds have gained 11.5 percent a year on… Continue reading Bonds Beat Stocks
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Where The Jobs Are
October 31, 2011
<Click on chart for larger image> CNN/Money – Finding jobs in America’s Boomtown Workers are landing jobs that pay six-figures in the oil boomtowns of North Dakota. But the abundance of jobs and money comes with some steep trade-offs, including a lack of housing and extremely harsh winters. At 3.5%, North Dakota’s unemployment rate is… Continue reading Where The Jobs Are
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Is The Sovereign CDS Market Dead?
October 31, 2011
Ekathimerini (Greece) – Greek haircut prompts concern over CDS “People talk about Greek CDS triggering being destabilizing, when it’s really the opposite,” said one global credit trading head at a major European bank. “If there is a 50% haircut and it’s voluntary, then my worry is all my sovereign CDS protection in Europe is useless,… Continue reading Is The Sovereign CDS Market Dead?
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Bill Gross Speaks
October 31, 2011
Pimco – Bill Gross: Pennies from Heaven * Once interest rates inch close to zero and discounted future cash flows are elevated in price, it’s difficult to generate much more return if economic growth doesn’t follow. * Equity markets should be dominated by dividend yields and the return of capital via share buybacks, as opposed… Continue reading Bill Gross Speaks