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Once upon a time, fizzy drinks were an occasional luxury treat. Now, many of us think nothing of having at least one every day — maybe a lunchtime can of cola or a ‘natural’ lemonade from Pret. We use them as instant pick-me-ups, and even as ‘healthy’ sports aids bought from vending machines at the gym. No trip to the cinema is complete without a supersize soft drink, either. It’s no surprise to learn, [...] In an interview with Italian newspaper Milan Finanza on Saturday, JP Morgan CEO Jamie Dimon said that he could lose up to $5 billion from the firm’s exposure to the PIIGS countries. As Reuters reports, “Dimon said the bank was exposed to the five countries (PIIGS) to the tune of around $15 billion. “We fear we could lose up to $5 billion … We hope the worst won’t happen, but even [...] (ZH) Presented with little comment, except to say reality is returning as credit markets are starting to price in some disappointment. Italy 5Y is underperforming as the basis trades we mentioned yesterday are unwound and Italy 10Y has broken back over 6% as their curve remains inverted. Spanish 10Y spreads are up over 35bps today and 50bps from yesterday’s tight print as Belgium and Italy follow suit. The swing in Spanish 10Y spreads, [...] by ZH In a not so surprising turn of events, adverse Libyan newsflow has picked up just as expected, with Reuters reporting that the Oil facility at Zueitina, south of Benghazi, is now damaged and oil wells are now on fire, and that a Libyan rebel convoy is now headed to Ras Lanuf according to Al Jazeera even as fighting in Tripoli picks up, although as we [...] |
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