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Markets
Full text: Moody’s puts Germany, Netherlands, Luxembourg on watch, affirms Finland
Moody's Investors Service issued the following press release in connection with European ratings actions earlier today.
Chart of the Day: 5-year Swiss rate goes negative
The Swiss government bond curve is now negative for maturities of five years and under. Investors are willing to lock up a negative yield for 5 years just to get out of euro denominated assets without taking much FX risk.
German – Spanish 10-year spread reaches record 610 basis points
Right now the spread between Bunds and the Spanish ten-year is 609 basis points. The catalyst for the increase in Spanish spreads may be the news that the indebted Spanish regional government in Valencia is on the verge of seeking a bailout…
The unacceptable behavior of the market
I don’t want to be too glib here. I recognize that policymakers are in an extremely difficult position and that there is no longer any easy solution, but railing at the markets rather than trying to understand why they are doing what they…
Full text: Moody’s downgrades Italian banks
On the heels of a sovereign downgrade, the following press release was issued by Moody's Investors Service today in conjunction with its ratings review of several Italian banks.
Full text: Moody’s downgrades Italy’s government bond rating to Baa2 from A3, maintains…
Moody's Investors Service has today downgraded Italy's government bond rating to Baa2 from A3. The outlook remains negative. Italy's Prime-2 short-term rating has not changed.
Looking for Bubbles
We are staring into a cyclical downturn in the second half of this year. Behind that is a whole other set of challenges, more structural in nature, which will take years to sort out. Our American friends - except for a small but rather…
Full text: Moody’s downgrades firms with global capital markets operations
Editor's note: Moody's released the following press release in relation to actions it took on banks with global capital markets operations today.
Full text: Moody’s downgrades Spain’s government bond rating to Baa3 from A3, on review…
"Moody's Investors Service has today downgraded Spain's government bond rating to Baa3 from A3, and has also placed it on review for possible further downgrade. Moody's expects to conclude the review within a maximum timeframe of three…
The Tricky Calculus of Oil Price Differentials
One of oil's most important characteristics is its fungibility, which means that a barrel of refined oil from Texas is equivalent to one from Saudi Arabia or Nigeria or anywhere else in the world. The global oil machine is built upon this…