Posts from Friday Nov 30 2012

The Weekender

This week on FT Alphaville,

– A Canadian took over FT Alphaville, the first ever foreigner to run the blog in its over 300 years of existence. Read more

The ESM loses an Aaa

Moody’s has cut the eurozone bailout fund’s credit rating to Aa1, and maintained a negative outlook. It also removed provisional Aaa ratings from debt issued by the EFSF.

In a statement, the ratings agency blamed… France, whose own Aaa rating it cut last week: Read more

On trying to read the coming Catalan coalition

Last weekend’s Catalan elections returned perhaps the most difficult-to-read result. Judging by the overall support for separatist parties, there was significant support for at least a referendum on independence. Yet the largest separatist party, the centrist Convergència i Unió, saw its majority in the regional parliament slashed, forcing it to seek a coalition. Read more

A classic Friday meltdown from Santelli

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Don’t kill the old! Just get them to adopt you

We’ve been moaning about the old stealing our jobs for quite a while but we may have been missing an obvious trick. Much like their advanced toilet habits, Japan is leading the way demographically and has come up with an alternate to our more “soylent green” approach to the problem. Read more

Markets Live: Friday, 30th November, 2012

Live markets commentary from 

A sterling inflow

So, would a sovereign downgrade hurt sterling? And if so, how much? It’s hard to model this as historic comparisons are muddy and sterling crosses each obviously carry their own difficulties. Consider this chart from Morgan Stanley, by way of illustration:

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The (early) Lunch Wrap

Indian growth slows to 5.3% || Japan unveils Y880bn stimulus package || Schaeuble presses German MPs to back Greek bailout || Cameron faces fight over press reforms || SAC chief gives testimony on share sales || Slowdown in London’s luxury real estate || Markets update || The ABS hangover, Eurosystem-style || Funding pressure time again || You’re un-Belizeable, encore || When the Doves cry Read more

A negative euro lending rate and year-end funding pressure

If you have euros and want to borrow dollars against them… at the moment, it’s going to cost you.

But… if you happen to have dollars and want to borrow euros against them… you will be paid to do the deal instead. Read more

The ABS hangover, Eurosystem-style

The ECB announced some updates to its General Documentation on Wednesday. The item on ABS modifications caught our eye.

The move in question was first announced last April, and it represented a toughening up of the rules around ABS collateral for borrowing from the ECB. The update therefore isn’t so much a surprise as a reminder of one of the ongoing, but less spoken about, hangovers of the crisis.

Let’s review the situation… Read more

Further reading

Elsewhere on Friday,

– TED’s rules for iBanking life.

– Internet Explorer sucks… less?

– Timmy proposes to end US debt ceiling crisesRead more

The 6am Cut London

Asian shares rise || Japan industrial output posts unexpected rise || Fiscal cliff talks sour || UK banks need more capital, says BoE || What Steve Cohen told the SEC || Thailand’s PTTEP plans $3bn rights issue || British consumer confidence unexpectedly rose || JGB shorts bide their time Read more