 10-27-2012
Thousands march in Madrid against government austerity measures (PHOTOS, VIDEO)
If Obama Wins, Buy IT, Telecom, Sell Materials, Healthcare; If Romey: Buy Staples, Healthcare, Fins, Sell Materials
Japan quake-hit nuclear plant may still be leaking radiation into sea
Berlusconi sentence reduced to one year
Egypt: US issues warning. Americans now targets for kidnapping and murder
Senators demand White House declassify Libya video
WHITE HOUSE CONFIRMS: OBAMA Arranged For Muslim Brotherhood To Kidnap Ambassador Stevens For Prisoner [...]
Fears are rising in the US that the popular blue-fin tuna caught off the west coast contains radiation. Scientists say last year’s nuclear disaster in Japan is to blame, but some claim these radioactive findings may only be the tip of the iceberg. RT’s Madina Kochenova reports.
http://www.youtube.com/watch?v=-uGnmIa3eAk
(Reuters) – Chinese netizens on Wednesday bit back at a government decision to ban serving shark fin soup at state banquets within three years, mocking it as a timid step by leaders who spend lavishly on other delicacies and are aloof from common concerns.
“You have to wait three years to do this?” demanded Wu Yaxue, a psychologist in Beijing, on his microblog account.
“Given the way Chinese civil servants eat, in [...]
Judging by the modest rallies in what was already hugely oversold risk asset markets in a perfectly timed illiquid ‘holiday’ mode, it would appear that, just as MEP Nigel Farage blasts his European Parliamentary leaders, “Breakthrough? Nobody believes you”. The new bailout vehicle – the ESM – is doomed before it starts as he notes “the wheels are coming off” highlighting the legal challenges in Ireland and Germany, the Estonian [...]
From Expansion (google translated)
“After cutting the rating of Baa3 and Spain to threaten to put Spanish debt at the level of junk bond no later than 30 days, has reviewed the notes of all banks. “We have reported a reduction of two or three notches (steps) to almost everyone. Do not look at individual financial statements of each entity. Do not discriminate, “added the sources.
And is that the sector is particularly annoying because [...]
As is well-known in the ratings world, sovereign downgrades never come alone: first the sovereign is cut, then sovereign-supported domestic banks (the sovereign is the threshold rating), then general financial companies like insurance firms and specialty fins. Such downgrades are particularly painful when they go through a major threshold such from A to B as they spring various collateral and margin calls into action. One thing we do know is [...]
Miguel Larios, 31, worked at the Aon Center where the race took place
Lost his job after posting ‘record-breaking’ time
A stair climbing champion who achieved a record-breaking time had a winning technique up his sleeve – taking the elevator.
Miguel Larios, 31, won the tough climb up the 62 storys of the Aon Center in downtown Los Angeles in an impressive seven minutes and 45 seconds.
Larios, who worked at the skyscraper, had [...]
From Peter Tchir of TF Market Advisors
Holidays In The Sun…
Somehow the anger of the sex pistols, the sound of boots marching in the background, seem right to me today.
Greek Industrial Production dropped 11.3% in December. The unemployment rate jumped to 20.9%, up from 18.2%.
The charade of negotiations and a bailout can go. Some deal is likely to be announced. I’m not even sure it will be relevant by the March [...]
UPDATE: EURUSD at highs of day now 1.2790, sovereigns and corps/fins tightening back modestly
The ECB press conference has begun and immediately the headlines are flying and driving EUR weaker (ironically not helped by the dismal US macro data that just printed). European sovereign spreads are leaking wider, stocks are underperforming, treasuries outperforming bunds, and corporate and financial spreads are widening rapidly on his comments, via Bloomberg:
*DRAGHI SAYS ECONOMIC OUTLOOK FACING SUBSTANTIAL DOWNSIDE RISKS
*DRAGHI [...]
From Peter Tchir of TF Market Advisors
ECB: Expect Nothing And You Won’t Be Disappointed
Auctions
This morning’s auctions appear to be nothing short of spectacular. Low rates, big size, follow through at the long end of the curves Italian 10 year yields are 40 better on the day and almost 60 better on 2 days as the yield is back to 6.56%. SOVX is 10 tighter (though it is hard to tell [...]
From Peter Tchir of TF Market Advisors
IG16 is 125.5 +10 as I type. Could be 5 bps different by the time I finish writing. Main is being quoted on 2 bp markets. I’m seeing IG16 quoted on anywhere from 1 to 2 bp market. Typical bid/off is 1/2 a bp. HY16 is down 1 3/4 points again, but shockingly is still being quoted in 1/4 pt [...]
From Peter Tchir of TF Market Advisors
Stock Futures Up A Touch, But European Credit Very Weak
European CDS is wider across the board. SOVX is 203 which is 4 wider on the day, and liquidity seems to have broken down completely as I’m seeing 3 bp bid/offer spreads rather than the more customary 2 bps. That is after it widened 10 bps yesterday. Fins at 163 (+4 [...]
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