Credit Writedowns

Australia The Reserve Bank of Australia met earlier today and as widely expected kept the official rate steady at 4.5%.  The tone of the statement was fairly neutral, as one might expect after 6 rates hikes since last October and…

Win Thin of Brown Brothers Harriman is out with a note, remarking on the Eurozone contagion now moving to the core.  Questions about France and a potential ratings downgrade are now circulating. Thin says: France is coming under…

More Deepwater Horizon Links BP shares plunge | Business | guardian.co.uk RIGZONE - Deepwater Horizon: A Firsthand Account Washington Post: EPA tells BP to use less toxic chemicals to break up oil spill BP hit by avalanche…

Asian stocks fell as China released a bearish manufacturing report this morning. Added to this bearish news out of China is a spate of negative credit ratings news in Europe (Spanish Bank CAM, Brussels regional government, etc) and a…

Highlights The US dollar has begun the new month off on strong footing against both and emerging market currencies.  The yen is the sole exception.  There are three drivers today.  The first is economic data from China and…

Below is a clip from Sky News which demonstrates that a Gold Rush is developing in China, with many now distrustful of fiat currencies. China is now the number one consumer of gold. But all across the world, we are witnessing the same…

Highlights The US dollar was mostly softer vs. the majors, but remained in narrow trading ranges as both UK and US markets were closed for holidays.  While the euro saw a brief respite, we believe that the negative news stream will…

Deepwater Horizon Gulf Oil Production by Water Depth - Paul Kedrosky 1997 Warning on Deep Blowouts: ‘Options Are Limited’ - Dot Earth Blog - NYTimes.com WELL CONTROL Ultra-deepwater blowouts - how could one happen – Offshore…

All of the techniques now being used to plug the oil spill in the Deepwater Horizon disaster in Macondo Prospect were tried 31 years ago with Ixtoc I and they failed. It was only when relief wells came online 10 months after the disaster…

Hat tip Paul Kedrosky