Posts from Thursday Feb 7 2013

The Closer

| Feb 07 22:50 | Comment |

ROUND-UP

FT markets round-up: “Markets struggled for a foothold, with many stock barometers pulling back from recent multi-year peaks, as a batch of earnings reports disappointed and European Central Bank warned about the outlook for the region’s economy. The FTSE All-World equity index, which last week hit a four-and-a-half year closing high of 235.7, fell 0.5 per cent to 232.9 as the FTSE Eurofirst 300 closed 0.3 per cent lower and Wall Street’s S&P 500 lost 4 points to 1,508. The single currency began with gains earlier in the session. But after the ECB left policy unchanged, and Mr Draghi delivered his prepared statement at the start of his press conference, the euro started to slide. The euro last traded 0.9 per cent lower at $1.3397.” (Financial Times) Read more

Why it matters that the Irish promissory notes are gone

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Feb 07 20:26 | Comment |

And why this could well have been the best possible deal for Ireland.

________________________ Read more

Noting the detail

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 07 17:20 | Comment |

Here’s the transaction doc from the Irish ministry of finance. Click through the pic for the full pdf:

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Let’s wait for a fall in stocks before declaring a great rotation

Masa joined the FT in 2009 and has worked on a number of desks across the paper, including Companies, Markets and Comment. She spent much of 2010 in New York covering the US equity markets. But earlier this year she finally saw the light and moved to Alphaville.

She started her career in the investment banking division at Lehman Brothers in the summer of 2007, timing it perfectly with the beginning of the credit crunch.

She studied philosophy, politics and economics at Oxford University.

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| Feb 07 16:49 | Comment |

With all the excitement about ‘the great rotation’, it often feels that the debate focuses too much on analysing the recent flows, and less about the greed/fear dynamics driving them.

It’s been well documented that bond holders are increasingly frustrated by the miserable yields on offer in the fixed income markets, and are apparently flocking into the ‘cheap’ equity markets. We’ve already voiced our scepticism about the scale of this flocking. Yet what’s potentially also underestimated is the degree of skittishness by bond holders when the stock markets show signs of a wobble. After all, a lot of capital in fixed income got there after investors were burnt in the early 2000s. This loss aversion shouldn’t be underestimated. Read more

Prom note payments “gone” [updated]

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 07 15:00 | Comment |

Reuters flashes hitting now (we note):

07-Feb-2013 14:56 IRISH PM SAYS 20 BLN EUROS REDUCTION IN NTMA MARKET BORROWING REQUIREMENT OVER THE NEXT DECADE

07-Feb-2013 14:53 – IRISH PM SAYS IRELAND HAS REACHED CONCLUSION WITH ECB TO PUT IN PLACE MORE SUSTAINABLE PROMISSORY NOTE AGREEMENT

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They took note.

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Feb 07 14:33 | Comment |

***DRAGHI “THERE IS NO MORE ELA”***

***WE THINK THAT’S A PROMISSORY NOTES ‘DEAL’***

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Lá Draghi

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 07 13:25 | Comment |

Draghi follows Mark Carney onto the stage… Read more

Markets Live: Thursday, 7th February, 2013

Bryce is the FT's UK equities reporter.

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| Feb 07 11:02 | Comment |
This is a Markets Live transcript. Read more

Live markets commentary from FT.com 

The (early) Lunch Wrap

Masa joined the FT in 2009 and has worked on a number of desks across the paper, including Companies, Markets and Comment. She spent much of 2010 in New York covering the US equity markets. But earlier this year she finally saw the light and moved to Alphaville.

She started her career in the investment banking division at Lehman Brothers in the summer of 2007, timing it perfectly with the beginning of the credit crunch.

She studied philosophy, politics and economics at Oxford University.

Learn more

Subscribe to Masa's posts
| Feb 07 10:44 | Comment |

Rate-fixing scandal rocks three continents || Monte dei Paschi aided by covert loan || UK December industrial output rose in December || Sony hit by quarterly net loss || Credit Suisse raises cost-cutting targets || Dividend hurdle almost derailed Dell deal || Obama orders release of drone details || Murdoch shrugs off Liberty threat to BSkyB || Markets update: Struggling for momentum Read more

Thursday con Carney [updated with written evidence]

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 07 09:44 | Comment |

It’s Carney live. We know George Osborne is frustrated excited. Mark Carney, the next Governor of the Bank of England and the man Osborne once called “quite simply the best, most experienced and most qualified person in the world to do the job”, is in front of the Treasury select committee.

Here’s the live feed:

 Read more

Further reading

Masa joined the FT in 2009 and has worked on a number of desks across the paper, including Companies, Markets and Comment. She spent much of 2010 in New York covering the US equity markets. But earlier this year she finally saw the light and moved to Alphaville.

She started her career in the investment banking division at Lehman Brothers in the summer of 2007, timing it perfectly with the beginning of the credit crunch.

She studied philosophy, politics and economics at Oxford University.

Learn more

Subscribe to Masa's posts
| Feb 07 08:10 | Comment |

Elsewhere on Thursday,

- The simplicity of Chinese fraud.

- Are we too scared, or not scared enough?

- The fantasies that make DC insiders feel good. Read more

The 6am Cut London

Kate is FT AV’s Asia Correspondent. She joined FT Alphaville in mid-2011 after carrying out various roles in the FT’s London office since 2005: interactive editor, companies reporter, and founding editor of the FT’s Energy Source blog.

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| Feb 07 05:48 | Comment |

Asian shares lower || Anglo Irish Bank liquidated || ECB meeting today || Mark Carney before Parliament today || Cantor Fitzgerald in late-stage talks with Seymour Pierce || PBoC signals inflation fear || Solvency II costs ‘indefensible’ || Boeing developing 787 battery changes  Read more

And we go live to the Dáil…

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Feb 07 00:15 | Comment |

Click for the feed from the Irish parliament, where legislators have until the morning to pass an emergency bill liquidating Anglo Irish’s resolution company, unlocking a promissory note deal which might be on its way, before creditors of Anglo hit the LITIGATE button. Or something. (The entire prom note deal is needed by the Irish government before the notes’ next circa €3bn interest payment, because that’s what they promised the public.) Read more