Credit revulsion has hit Belgium; France and Austria dragged in tow
Look at these charts that Win Thin has crafted on sovereign bond spreads. this is what I want to discuss.
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Browsing Tag
Europe
France Back In The Spotlight
Euro zone stresses are back in the spotlight with a report on France that was issued by Moody’s late in the North American afternoon. It was not a rating action but rather an annual update on the state of the country. The agency noted that…
The Outlook for a European TARP
Europe is slowly but inexorably moving toward its own version of TARP—the U.S. “toxic asset relief program”. Rather than sub-prime mortgages and related derivatives, the toxic assets in Europe are sovereign credits, which in some cases –…
Markets Cautious Amid Hopes for the Policy Bazooka
G20 Finance Ministers said they expect decisive action on 10/23; dollar pares back some recent losses. Markets likely to remain focused on Europe this week with Greek austerity vote and EU summit. EM markets this week focus on rate…
Is it Over Yet?
It was telling that, just as the ECRI and other notable research outfits decided to push the recession button on the US economy, the data flow became notably more positive. This could be a sign of the times, that the cycle is just too…
Chaney says ‘recession has already started’ in Europe and talks EuroTARP
Eric Chaney, former French Treasury official and former Chief European Economist at Morgan Stanley is the present Chief Economist at AXA. He tells Bloomberg television’s Maryam Nemazee that the banking crisis in Europe is also a credit…
Chart of the day: Greatest Credit Deterioration Focus – Belgium, Spanish banking
Here are a few charts from the credit default swaps market based on 5-year CDS. Here’s what I see.
IMF to the Rescue?
Market sentiment is improving amid hopes that G20 policy makers willing to take action to stem crisis. Markets keen to focus on Italian vote of confidence and US economic data in North American session. China’s inflation slowed in Sept.…
Full text: S&P downgrades Spain from AA to AA- with negative watch
The full text of S&P's downgrade of Spain
Europe’s Other Bank Problem
Europe is way over banked and the chart illustrates the monumental task and cost of recapitalizing some of their largest banks. The size of the largest four banking institutions in France, for example, represents over 300 percent of the…