On FT Alphaville this morning:
-Since Bank of China fessed up to having $9.7bn of subprime exposure – a little more than we were expecting – it’s shares are doing strange things – down in Hong Kong by 6 per cent, but up in Shanghai by 1.3… bubble anyone?
- Meanwhile, there’s little comfort for those trading in ABCPs – liquidity remains low as trading volume plunges
-The CLSA’s Christopher Wood’s Greed & Fear newsletter is looking distinctly fearful - with no promise of good news anytime soon. Wood is expecting “more massive downgrades” from the rating agencies.
- And if you you can’t beat ‘em… Maybe a recession’s not such a bad thing afterall.
On FT.com this morning:
- The financial crisis might all be a bit parochial, as figures seem to indicate that the rest of the UK’s economy is doing swimmingly well – holding out on 0.8 per cent growth this quarter and 3 per cent year on year.
- Alan Mullaly, the CEO of Ford is calling for some affirmative action from the Fed – asking for a rate cut to jump start a flagging economy before it flags.
- And heads begin to role as Barclay’s CDO chief, Edward Cahill, quits after the collapse of two Barclays SIVs
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