Europe

The daily links and commentary is a bronze-level post. Quick thoughts: This past week made it abundantly that Europe is slowing fairly dramatically. A number of countries have entered recession. I have been saying since October that Europe…

The three-year loans will carry an interest rate initially of the benchmark rate of 70 bp.

This daily commentary is a bronze level post. Today, my comments go to warning signs in the economic data about the global economy slowing down. Lots of links on this topic as well.

The shockingly weak euro zone flash PMI, especially the sub-50 reading for German manufacturing, is the main focus today. New orders have been weak and the Bloomberg consensus does expect the euro zone economy to contract not only in Q1 but…

The theme of the day is one of economic weakness. New Zealand GDP (0.3% q/q vs. 0.7% prev), HSBC China PMI (48.1 vs. 49.6 prev), euro zone PMI composite (48.7 vs. 49.3 prev), and UK retail sales (-0.8% m/m vs. 0.6% prev ex-auto fuel) all…

This daily commentary is a bronze-level post for Pro subscribers. Two articles worth reading on the 2004 change in net capital rules for investment banks are highlighted in today's links.

The dollar is broadly higher today, and reflects a Turnaround Tuesday from the previous two days of dollar weakness. Italy's Monti has won well-deserved praise since replacing Berlusconi, but his most challenging test begins in earnest…

Germany and Papademos have ended Greece’s political sovereignty, but Greece gave up its economic sovereignty long ago when it adopted the euro. Two aspects of national economic sovereignty were inherently lost with nations that gave up…

Fitch Ratings released the following statement today in conjunction with their latest ratings action on sovereign debt issued by the United Kingdom.

The following explanation of the recent Greek ratings action was posted at Fitch Ratings website.