"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Thursday, November 17, 2011

Euro reverses course on Fitch's contagion warning

Euro reverses course on Fitch's contagion warning
MarketWatch
“US banks have manageable direct exposures to the stressed European markets (Greece, Ireland, Italy, Portugal and Spain), but further contagion poses a serious risk,” said Fitch in a statement. Germany's powerful Bundesbank issues a stark rebuke of the ...
Fitch Cautions European Contagion Could Hurt US Banks
Wall Street Journal
Fitch, as others have recently, also raised questions about the hedges the banks use to reduce their net exposures, noting the viability of credit-default swaps could be called into question. Meanwhile, any prolonged European crisis could also hit the ...
Stocks Dive on Euro Contagion Worries
Fox Business
The ratings company said US banks have "manageable direct exposures to the stressed European markets, but further contagion poses a serious risk." The Bank of England on Wednesday slashed its near-term growth forecast and inflation expectations, ...
Cost To Insure Against Default Of US Treasurys Up 4% Intraday
Wall Street Journal
That was 92% higher than this time last year as investors have sought protection amid budget disagreements in Washington and any contagion effects from euro-zone woes. Net notionals represent the maximum amount of money that could change hands between ...
Eurozone contagion fears drive US bank sell off
Financial Times
By Ajay Makan and Jason Abbruzzese in New York A warning from Fitch Ratings that US banks are vulnerable to contagion from the eurozone debt crisis trigerred a late sell-off on Wall Street. “Unless the eurozone debt crisis is resolved in a timely and ...
Bing to address Detroit's fiscal crisis, buses, lighting in speech
The Detroit News
Detroit - Mayor Dave Bing is likely to pitch a plan to outsource the city's lighting and busing services when he speaks on the city's financial crisis at 6 pm tonight. The lead negotiator for the city's largest union said Bing outlined plans to ...
Citigroup's Buiter Says Europe Must Stop Default Now: Tom Keene
BusinessWeek
Inaction by Europe's leaders and resistance from the European Central Bank to expand purchases of government bonds raised the prospect of contagion to so-called core euro nations such as Finland and Austria. Italy's 10-year-bond yield opened today ...
Swazi fiscal crisis at 'critical stage': IMF
AFP
MBABANE — Swaziland's economic growth will grind to near zero this year as the government's fiscal crisis rocks banks and private businesses, and hits HIV/AIDs programmes, the IMF warned Wednesday. "The fiscal crisis has reached a critical stage. ...
Signs of Broad Contagion in Europe as Growth Slows
New York Times
They also moved upward in Finland, Austria and the Netherlands, which have relatively strong underlying financial positions and until recently had mostly been spared the full effects of the financial crisis. “The concern is spilling over to the other ...
Eurobond Contagion: Or What's Really Wrong With the Eurozone
Forbes
Those are contagion and monetary contraction. Greece as we know is in fact bust. There is just no way that the country can pay the debts that it owes. It has to, indeed it will, default on some portion of those debts. This isn't really all that much of ...
Hungary sparks contagion fears
Financial Times
There are now fears that Hungary's predicament could foreshadow a new wave of contagion to CEE countries, which were particularly badly hit by the 2008 financial crisis. Hungary's centre-right Fidesz government is nonplussed. It says it has worked hard ...
Contagion spreading like wildfire
FXstreet.com
Contagion in eurozone debt markets is spreading quickly, with various countries' sovereign spreads widening to record levels against German bunds including Italy, Spain, France, Belgium and Austria. Poor T-bill auctions in Spain and Belgium, ...
Metals prices fall on worries that European financial crisis could deepen
Washington Post
Metals prices closed lower Wednesday on worries that the European financial crisis could deepen and slow global economic growth. Copper for December delivery dropped 1.7 cents, or less than 1 percent, to close at $3.4845 per pound. ...
JPMorgan Chase To Sell Mortgage-Backed Securities Backed By Loans In Default ...
Huffington Post
While the mortgage-securities industry has been free-falling, there have been an increasing number of lawsuits centered on the bad mortgage-backed securities that banks packaged and sold before thefinancial crisis. Goldman Sachs faces lawsuits over ...
Sketching contagion
UPI.com
Bottom line: It would still help enormously if Europe could find a way to stop the debt contagion, despite the obvious: Halting the spreading crisis was more likely last year than this year. In Rome, Prime Minister Mario Monti, taking over from Silvio ...
US Stocks Drop as Fitch Warns of Debt Contagion; Oil Tops $102
BusinessWeek
Credit-default swaps insuring Italian and Spanish debt retreated from records and Italy's 10-year yield fell as the European Central Bank bought the nations' debt. Oil rallied as Enbridge Inc. planned to reverse the direction of a pipeline, ...
Allianz CFO: Italy Itself Should Rule Out Default
Wall Street Journal
By Ulrike Dauer Of DOW JONES NEWSWIRES FRANKFURT (DOW JONES)--Italy, not Greece, is the major concern in the euro area right now, and Italy should commit to getting its house in order, and should on its own rule out a default of the country, ...
Sovereign, Corporate Bond Risk Falls, Credit-Default Swaps Show
Bloomberg
By Abigail Moses - Wed Nov 16 10:25:44 GMT 2011 The cost of insuring against default on sovereign debt fell from records as the European Central Bank was said to be buying Italian and Spanish government bonds. Credit-default swaps on Italy dropped 23 ...
Summary Box: Metals prices fall on worries that European financial crisis ...
Washington Post
METALS FALL: Copper for December delivery dropped 1.7 cents, or less than 1 percent, to close at $3.4845 per pound. December palladium fell $12.60, or nearly 2 percent to close at $654.45 an ounce. January platinum fell $11.50, or nearly 1 percent, ...
Asia stocks drop as EU contagion fears grow; Nikkei down 0.9%
Moneycontrol.com
Forexpros - Asian stock markets were broadly lower on Wednesday, as investors dumped riskier assets amid growing fears that the euro zone's sovereign debt crisis will spread to the region's core economies. During late Asian trade, Hong Kong's Hang Seng ...
Can Mario Monti save Italy from default or economic collapse?
Credit Writedowns
Moreover, investors in all sovereign debt now fear that they are unhedged due to the Greek non-default plan worked out in Brussels last month. As Marshall Auerback told me, any money manager with fiduciary responsibility cannot buy Italian debt or any ...
Asian shares fall on euro zone contagion fears
Economic Times
Italy's five-year credit default swaps (CDS) -- a form of insurance against default -- scaled a new high of 600 basis points, with Italian banks and corporates the worst performers in the Markit iTraxx Europe CDS index on Tuesday. ...
Fears of Contagion Hamper Markets
TheStreet.com
By BBH FX Strategy 11/16/11 - 07:57 AM EST NEW YORK (BBH FX Strategy) -- Ongoing concerns of the eurozone debt crisis continue to weigh on sentiment ahead of important bond auctions from Spain and France tomorrow. The weakness was most acute in the ...
S&P Finds Cumulative Default Rates Stabilizing, Loss Severities Deepening
Mortgageorb
by MortgageOrb.com on Wednesday 16 November 2011 Driven by a leveling off of default rates from the 2006 and 2007 vintages, the cumulative default rates for residential mortgages stabilized in the third quarter, according to a new report from Standard ...
Stocks Fall; Eurozone Contagion, Oil in Focus
Morningstar.com
By Jeremy Glaser | 11-16-11 | 03:00 PM | E-mail Article Stocks ended the day lower after a volatile trading day. Investors focused in on rising oil prices and the impact of the European crisis on the US Jeremy Glaser is the Markets Editor for ...
NY Session: Sentiment sours on contagion fears
FXstreet.com
After briefly trading in positive territory, US equities took a late day dive on comments from ratings agency Fitch regarding the risk of further contagion from the European debt crisis. The DJIA finished lower by about -1.57% and the S&P tumbled by ...
Understanding The Russian Default
Seeking Alpha
The Russian financial crisis and eventual default is often cited as a counterargument to one of the principle MMT ideas that a sovereign currency issuer should not be able to go bankrupt. It's a complex subject that is worth spending some time on. ...
It's euro collapse that threatens Italian default, not the other way ...
By Andrew Lilico
Italy has virtually no history of sovereign default (having never defaulted in peacetime, and only during World War II in respect of its debts to enemy powers). During the 1990s Italy faced as high a debt to GDP ratio as today, with higher interest ...
Finance
U.S. Postal Service Edges Closer to Default - US - CBN News ...
The United States Postal Service says it is nearing a possible default this Friday as the agency must make a multi-billion dollar payment to the federal government.
CBN.com - CBN News
Bing Calls For Concessions Amid Financial Crisis « CBS Detroit
By mfusinski
DETROIT (WWJ) – Saying the city could run out of cash by April and have a $45 million deficit by the end of June, Mayor Dave Bing Wednesday outlined his plans to resolve Detroit's fiscal crisis. Those plans include city workers taking a ...
CBS Detroit
The Human Toll of the Financial Crisis in Greece | Care2 Causes
By Kristina Chew
The financial crisis in Greece is in its fourth year and, inexorably, has been taking a toll on its people's well-being. ... The financial crisis in Greece is in its fourth year and, inexorably, has been taking a toll on its people's well-being. The British ...
Care2 Causes
Post office near default? Losses mount to $5.1B - LA Daily News
By By Hope Yen, Associated Press Writer
WASHINGTON - The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive ...
Breaking stories from the Los...
Here's What Europe Can Learn From The Icelandic Default Model
By Adam Taylor and Sarah Rappaport
As the country announces a new economic plan, can it serve as an example for the PIIGS? ... Here's What Europe Can Learn From The Icelandic Default Model. 1/17 ... Just three years ago the country was stuck in a deep financial crisis. ...
Business Insider
Municipal Bonds Can Default - PF - eWallstreeter
When reviewing Maryland bonds, the rates just didn't seem high enough for me (I'd looked at investing directly with the state through one of their partners and at buying bonds out in the market) so I never did [...]Municipal Bonds Can Default ...
eWallstreeter
Swazi fiscal crisis at critical stage: IMF - ModernGhana.com
MBABANE AFP - Swazilands economic growth will grind to near zero this year as the governmentsfiscal crisis rocks banks and private businesses, and hits HIV/AIDs programmes, the IMF warned Wednesday.The fiscal crisis has reached a ...
Africa
Fitch: Eurozone Contagion Threatens Outlook for U.S. Banks | Stock ...
By admin
U.S. banks have manageable direct exposures to the stressed European markets (Greece, Ireland, Italy, Portugal and Spain), but further contagion poses a serious risk, according to a Fitch Ratings report. Fitch believes that unless the ...
Short Takes
Detroit's Mayor to Address City on Financial Crisis
DETROIT -- Detroit Mayor Dave Bing is planning to discuss the city's fiscal crisis and problems with its transportation and lighting systems. The address to residents is scheduled for Wednesday evening at the Northwest Activities Center (6P. ...
WILX - HomePage - Headlines
Italian default scenarios « naked capitalism
Analysts like Sean Egan estimate eventual losses in Greece will be 90%. In the Italian defaultscenario, these losses would crystallise overnight. Contagion into ...
www.nakedcapitalism.com/2011/.../italian-default-scenarios.ht...
Asian Stocks Fall as Default Swaps Rise on European Debt ...
Asian stocks fell for the first time in three days and credit-default swaps rose after a surge in Italian borrowing costs intensified concern that Europe's debt crisis ...
www.businessweek.com/.../asian-stocks-fall-as-default-swaps-r...
Post office near default? Losses mount to $5.1B - Yahoo! News
From Yahoo! News: The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar ...
news.yahoo.com/post-office-near-default-losses-mount-5-1b-2...
Forex @ DailyFX - Contagion is Now Reality: Euro Trades Heavy as ...
French and German growth data didn't alleviate concerns of a Euro-zone recession, weighing down the Euro as Italian and Spanish bond markets showed ...
www.dailyfx.com/.../Contagion_is_Now_Reality_Euro_Trades...

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