Just a quickie linkfest after today's "developments"
- MoreLiver
Quote of the Day: But all hell is breaking loose this morning in Italian financial stocks - complete with rumors of an emergency Mario Monti trip to Brussels, a massive sell-off in the euro and halted bank stocks. – The Reformed Broker
EURO CRISIS
EURUSD Dips Below 1.28 As All Hell Breaks Loose In Italian Financials – ZH
Euro Slumps To 15 Month Lows As BTPs Crack 7% Yield – ZH
Unicredit halted, Deutsche Bank down 5%, EUR collapsing, 10Y Italian well above 7%
Unicredit halted, Deutsche Bank down 5%, EUR collapsing, 10Y Italian well above 7%
French Auction Fails To Sell Max Projected As Bid-To-Cover Plunges – ZH
The auction results are in and it is not a total disaster but the bid-to-cover dropped significantly to its lowest since October 2010 and they missed their maximum target.
The auction results are in and it is not a total disaster but the bid-to-cover dropped significantly to its lowest since October 2010 and they missed their maximum target.
List of the European bad news: bank stocks, bonds, French auction, Hungary
So be very careful “buying the dip” because there is a real risk that any slide accelerates and cannot be contained by a few more worthless guarantees and promises of summit meetings because too many people will become too concerned that every financial institution and sovereign is completely cross-contaminated.
On the prospects for Valencia – alphaville / FT
On Wednesday it transpired that the Spanish region of Valencia had delayed repaying Deutsche Bank a €123m debt by as much as a week.
On Wednesday it transpired that the Spanish region of Valencia had delayed repaying Deutsche Bank a €123m debt by as much as a week.
HUNGARY
Hungarian Yields Soar, CDS Hits Record As Bill Auction Fails – ZH
EMEA Weekly: Hungarian Troubles – Danske Bank (pdf)