FURTHER FURTHER READING
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This short note from Nuveen is the best quick way we’ve come across to catch up on the Puerto Rico downgrade situation (click for pdf):
As an even shorter version for the attention-impaired, we’ve picked the main points and summarise them here: Read more
London prime property vendor finance, vignette #1:
Luxury property developer Christian Candy has lent more than £300m in the past year to wealthy London housebuyers, in a bid to profit from the banks’ withdrawal from the market, and aims to take his total lending to £1bn by the end of this year…
Last week he lent £25m for the purchase of a £35m private home in Knightsbridge, and he is now in talks to provide £100m for the purchase of a home in north London.
Get yourselves an FX reserve-friend, we said…
That’s the Ukrainian hryvnia versus the US dollar on Wednesday — via Reuters. The market’s illiquid and in local trading the rate might have gone through 9. But in case you were curious, the guess is that the fall is down to half political messiness, half general EM messiness — and that it isn’t over. Read more
Live markets commentary from FT.com
Now vs 2009 that is, when a brief flirtation with deflation in the eurozone proved short lived and provided ammunition for those who deny a Japanese-style outcome–back then the headline inflation rate dropped to -0.6 per cent in July 2009 but was negative for only five months and rebounded to +1.7 per cent only a year later.
However, as we await for the ECB to act or not later in the week, Capital Economics’ Jonathan Loynes took the time to note there are good reasons to think a new bout of deflation could be both longer- lasting and more pernicious than the last one (with his emphasis):
Japanese wages fall for 19th month || London Underground workers begin 48-hour strike || The US budget deficit will fall to 3 per cent of economic output this year || Microsoft banks on the cloud under Nadella || Muddy Waters rode shorting wave on Blinkx || Morgan Stanley restates Q4 earnings || JPM resolves civil mortgage claim by paying $614m || Small, and oft weak, banks face TARP hit || Russian oligarchs take battle to NY court || Deutsche Bank fires currency traders || Sony in talks to sell Vaio Read more
Markets: Asian markets’ half-hearted efforts at a relief rally soon fizzled out as investors remain cautious and fleeting early gains failed to bring indices anywhere close to the levels seen before the emerging market turmoil began. Signs of stability are plentiful, however. Three of the hardest hit currencies in recent weeks – the Turkish lira, the South African rand and the Hungarian forint – led a rebound overnight, strengthening 1.9 per cent, 1.7 per cent and 1.6 per cent respectively against the dollar. (FT’s Global Markets Overview) Read more