2011

Asia extended the euro's recovery, but developments in Europe have seen it surrender the earlier gains and move back toward the lows seen in North America yesterday near $1.3360. The relatively light participation in the ECB's 84-day…

Once again, the 200-day moving average proved to be formidable resistance for the S&P500. After trading though the 1264-65 level on the now expected daily afternoon market moving FT article the index couldn’t hold its water and sold…

The “troika” – Italian, Spanish, and French bond yields - is acting pretty well even after the S&P downgrade. Italy is under 6 percent and that is what matters. We sense there will be tremendous pressure on the shorts and equity risk…

What must the summit produce in order to address these and help solve the Europe crisis once and for all? The answer is very much in keeping with Wolfgang Munchau’s excellent take in his column in yesterday’s FT. Hopes have coalesced around…

Tomorrow the central banks will auction dollars for the first time under the lower rates. There was some talk that the lower take down at this week's regular refi operation (about 13 bln less euros than were maturing from last week's…

Financial news links for 6 December 2011 featuring stories on MF Global, Facebook, class divides and retail sales.

"Standard & Poor's Ratings Services today placed its long-term sovereign ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative implications. "

In the aftermath of the emergence of a “reinforced ‘Stability and Growth Pact’”, Citigroup chief economist Willem Buiter is pessimistic about growth outcomes in the major developed economies because the political economy of the sovereign…

Debt and Democracy: Has the Link been Broken?

The euro sold off amid the rumors of the S&P decision to put on credit watch 15 euro zone countries. Spared was Greece, in a world of its own, and Cyprus, which was already on credit watch. It sold off further in Asia, but Europe has…