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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
Live markets commentary from FT.com
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
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 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
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