FT markets round-up:“Disappointing European economic data crimped optimism about global growth prospects and weighed on global stocks. The single currency also fell sharply on the day. The FTSE All-World equity index fell 0.1 per cent as the FTSE Eurofirst 300 closed 0.2 per cent lower. In New York, the S&P 500 turned an initial 6 point loss into a 1 point advance to 1,521 — a fresh five-year closing high.” (Financial Times) Read more
Makes sense, given what Stein was mostly talking about — places in the market where the yield chase could be relying on assets that in turn rely on short-term funding. In other words, leverage that turns “overheating” into a supernova. Read more
Cars and motoring are not really FT Alphaville’s specialty. But we do love public spats.
The current one running between Tesla and SpaceX founder Elon Musk and John Broder of the New York Times is particularly engaging. It regards Broder’s test-drive of the Tesla Model S and his subsequent rubbishing of the experience in an article that claimed the electric car ran out of battery early and generally failed to perform in cold weather. Read more
German and French economies contract as Euro area GDP disappoints || Japan’s recession continued in Q4 || The BoJ maintained asset purchase programme size and rates || AB InBev makes offer to seal Modelo deal || Rolls-Royce names next chairman || Fat-cat referendum in Switzerland || Rocky road lies ahead in trade pact talks || US Treasury, banks, businesses criticise EU Tobin tax plans || FSA warns banks not to leave Libor || Rio Tinto falls into $3bn full-year loss || AMR board approves US Airways deal || CITIC buys stake in Australia’s Alumina for A$452m || Google sues BT over patent || Time Warner in talks to spin off magazines || ‘Abe trade’ boosts macro hedge funds || SAC Capital probe widened || Monte Paschi former finance chief held || Markets summary || Valentine’s day GDP massacre || Isda committee decision on SNS Bank CDS weird or what? || Exorcising eurozone ELA as we know it Read more
Japan’s economy failed to grow in Q4 || Asian markets higher on Abenomics hopes || BoJ continues as expected || US banks, Treasury, etc criticise EU Tobin tax || AMR-US Airways deal agreed || Google sues BT over patent || Macro funds do well on Abenomics yen short || CITIC buys stake in Australia’s Alumina || Barclays puts everything first Read more