The Great Bull Market of 2008 that seemingly began on March 18 was looking a little shaky by the morning of March 19…
That’s a chart of HBOS, the generally blameless owner of Halifax and Bank of Scotland. On Wednesday its stock plunged 17 per cent at one stage, quickly followed by RBS, HSBC, Alliance & Leicester and every other British bank that traders could short in an instant.
Reason? Take your pick. From London’s rumour wires:
- no foreign travel for easter holidays by senior bank of england staff, supposedly means UK clearer in trouble.
- LLOY LN IR actually denied fundings probs.
- HBOS denied prob to Merril’s , but as yet, not to the mkt, still being sold.
- RBS annual report which was released last night apparently shows massive funding requirements.
- ARE UK BANKS THE SUB PRIME OF WORLD BANKING CONSIDERING THAT NONE HAVE CONFESSED TO ANY CREDIT PROBS YET, IS BARC MADE OF TEFLON ?
- UBS, Swiss Govt apparently asked CSGN to put togther rescue package for UBS in case that the crisis worsens.
- Soc Gen, BNP says no merger interest, spec thats because they have more horrors
All of which – just to be clear – is complete rubbish. We believe. For now. Hang on. Jeepers!? What’s going on with Bradford & Bingley!?!?!?