FT markets round-up:“Stock markets are mildly firm but showing a lack of conviction as a mixed bag of recent macroeconomic data and political jostling in the US and Europe curtail investors’ risk appetite. Currencies and bonds are displaying a lack of clarity towards supposed havens, with the dollar index down 0.1 per cent with demand for Treasuries nudging 10-year note yields a touch lower to 1.62 per cent. The FTSE All-World equity index is gaining 0.2 per cent as the FTSE Eurofirst 300 recoups early losses to trade up 0.1 per cent and after the Asia-Pacific region, in aggregate, rose 0.1 per cent. In New York, the S&P 500 is up 0.1 per cent from Friday’s close of 1,418, helped by well-received November sales news from McDonald’s. The S&P has been confined to a very narrow range on Monday.” (Financial Times) Read more
Yep, this is a Greece post in a series on Argentina and the pari passu saga.
We’ll explain. Read more
Rule-making is a natural response to a financial crisis. There is, of course, also a tendency for the new rules to be more complex than their predecessors. But this evolution has given some regulators pause for thought.
Consider the below a case study, as fuel for debate. It’s an example of when a local regulator managed to fudge the implementation of the edicts from the gnomes of Basel… Read more
Amid all the entrails of China’s November data is a particularly interesting spike… Read more
Live markets commentary from FT.com
It seems more top-tier economists are coming around to the idea that robots and technology could be having a greater influence on the economy (and this crisis in particular) than previously appreciated. Paul Krugman being the latest.
But first a quick backgrounder on the debate so far (as tracked by us). Read more
Monti walks, Italian bond yields wave him off || Recession in Japan || Greece PSI deadline extension || US fiscal cliff negotiations || Banks increase holdings of structured products || US UK regulators to announce cross-border plans to deal with failing global banks || EU investigation into Euribor || Proposal for regulating the net || Pay at Fannie & Freddie more private than public sector Read more
Mario Monti, the saviour of Club Med, is walking and Italian bond yields are waving him off. Here are the 10-year and 30-year BTPs, with dramatic spikes:
The third quarter was bad, but it was a revision of Q2 GDP data — from 0.1 to -0.1 per cent, seasonally adjusted and annualised — that puts Japan in official recession:
Click for details. The Greek PSI bond buyback now closes at 12pm London time on December 11.
Now, is this supposed to be a veiled threat if investors choose not to tend their bonds? From the Greek debt office chief, Stelios Papadopoulos: Read more
Elsewhere on Monday,
– Nothing to see here, or here, or…
– The non-measurement of leverage.
– Move over Greece, it’s Italy’s turn! Read more
China trade growth falls, domestic data improve || Japan in technical recession || US-UK failed bank plans previewed || Obama and Boehner resume cliff talks || Libor settlement deals afoot || Monti says will resign || AIG selling majority of ILFC || Ingersoll-Rand planning asset sales || Krugman on robots Read more
The price action in Southern Cross Media, the parent company of Sydney’s 2Day FM on Monday morning:
For non-Australia readers, it’s the station which did the royal prank call. Read more