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| Fading optimism, just like twice last year |
As the Greek situation remains fluid (I am at loss of words to describe what it is anymore), France and Spain boldly try to sell bonds for 14.3 billion. Market appetite is definitely there, given the upcoming LTRO. On Friday Merkel travels to Italy to meet Mr. Monti, and they will hold a press conference after the meeting.
Just a short word - instead of kicking the can, our leaders are kicking kicking the can. A shorter linkfest for the morning - for the good reads and my views check last night's Another EZ Kung Fu-Move. You can follow me on Twitter or Facebook and email me for suggestions and requests. I also have an automated publication based on feeds I follow at paper.li
News roundup – Between The Hedges
Daily – Danske Bank (pdf)
Morning Briefing – BNY Mellon
Market Preview – Saxo
-Moody’s warning, bond auctions, delay on Greece to weigh on stocks
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS
Germany Must Decide What the European Union Is For – View / BB
Today one wonders, what did Germany think “political union,” which it both argued for and proclaimed, ever meant? Germany pressed harder than anybody for the end of the nation- state in Europe, yet its policy is guided now by the conviction that German taxpayers should on no account be asked to support their fellow European citizens in Greece.
Today one wonders, what did Germany think “political union,” which it both argued for and proclaimed, ever meant? Germany pressed harder than anybody for the end of the nation- state in Europe, yet its policy is guided now by the conviction that German taxpayers should on no account be asked to support their fellow European citizens in Greece.
German industry: Stagnation in 2012 (13-Feb) – DB Research
German industry can look back to two all in all strong years with high growth rates. 2012, however, will be a markedly weaker year, in which industrial production should stagnate – albeit at a high level. The downswing has been perceptible since mid-2011: the eurozone crisis and the international growth slowdown are having a dampening effect on German industry as well.
EU `Pretending' Greek Package Will Work? – Pension Pulse
Greek finance minister says troika is shifting terms of €130bn bailout deal as part of move to force country out of eurozone
Moody’s is reviewing a long list of European and global banks – alphaville / FT
This is all interconnected with the sovereign downgrades announced on Tuesday, and Moody’s warned last month that global bank ratings were likely to decline this year. Also Reuters
This is all interconnected with the sovereign downgrades announced on Tuesday, and Moody’s warned last month that global bank ratings were likely to decline this year. Also Reuters
A&G's AIG Moment Approaching: Moody's Downgrades Generali, Cuts Megainsurer Allianz Outlook To Negative – ZH
OTHER
Perspectives (Feb 2012) – Pictet (pdf)
Multiple topics: Gold, Fed monetary policy, LTRO, Greece’s bailout: The first of November 2011 will probably come to be seen as a key crossroads in the eurozone crisis – the moment when Jean-Claude Trichet handed the helm of the European Central Bank on to Mario Draghi.
Is Gold Really An Inflation Hedge? – The Capital Spectator
Gold’s real value usually does not decrease during bouts of inflation. But what strikes me, other than by historical standards how overpriced gold looks, is how volatile it is…if you’re looking for safety, inflation-linked bonds, or even equity, is probably a better way to go.
The Secret Meeting That Launched the Federal Reserve – Echoes / BB
In November 1910, in the space of less than two weeks, a group of government and business leaders fashioned a powerful new financial system that has survived a century, two world wars, a Great Depression and many recessions.