June, 2011
Re-profilers anonymous
Actually, not anonymous at all. Just very awkward company for Greece at the moment, with the idea of a private bond maturity extension back on the table as part of a second bailout.
Here’s a chart courtesy of Exotix,
The calm before the (volatility) storm
We ♥ this note from Bank of America Merrill Lynch’s Ruslan Bikbov and Priya Misra.
It’s on a subject dear to our own hearts here on FT Alphaville — the curious case of persistently low volatility and the idea that it might be masking systemic risk.
Glencore’s EIB problem
What a curious statement from the European Investment Bank (a placid institution usually) on Wednesday.
It starts off reading like a defence of a $50m loan to Mopani Copper Mines (a Glencore subsidiary based in Zambia) which dates back to 2005,
Oberthur plays the long game
A flurry of activity in De La Rue shares on Wednesday morning.
The reason?
A statement from Oberthur, the French company that made a hostile offer for the banknote printer last year, announcing the appointment of James Hussy as an adviser to chairman Jean Pierre Savare.
Markets Live transcript 1 Jun 2011
Markets Live chat transcript for the chat ending at 11:19 on 1 Jun 2011. Participants in this chat were: Neil Hume, FT Tony Tassell NHMorning rabble NHand welcome to Markets Live
Japan gets Moody-ed
Like so much in Japan these days, the economy is generating bad news and some good news. But circumstances — and some international views — appear to be conspiring against it.
On the day that Moody’s said it had put Japan’s credit rating on review for a possible downgrade,
China takes on its massive muni mess with a $463bn bailout
Did you miss this whoppingly-important story out of China?
It seems quite a few people have. Reuters reported on Tuesday that China plans to shift RMB2,000-3,000bn, or $308-463bn, of debt off local governments,
German exposure to Greece — a Landesbank tale
Amazing that a Landesbank (of all things) is the first German lender to come out all prudent on a Greek debt write-down…
(‘Precautionary steps?’)
But that’s what we have from page 21 of NordLB’s latest report.
Chinese housing inventories are rising
Standard Chartered are on the ball as ever when it comes to developments in the Chinese real-estate market.
In their latest note they warn about the scale of possible over-supply that’s set to hit the market.
UK house price gloom
Via Morgan Stanley, which thinks prices will fall 10 per cent on a two-year view and leave Lloyds with a negative equity headache.
More in the usual place. * Forecasts contingent on 150bps rate rise by end 2012.
Japan redefines ‘exemplary’…
A somewhat bemusing view of Japan’s responses to what we now know to be a partial nuclear meltdown after the country’s March 11 disasters comes via AP on Wednesday, (our emphasis):
TOKYO — An International Atomic Energy Agency team says Japan’s nuclear authorities underestimated the possibility of a massive tsunami hitting the Daiichi power plant but praised the overall response.
Further reading
Elsewhere on Wednesday,
- Are US taxes high, or low?
- The stupidity of hope, Greece is still going to default.
- Taking stock of Goldman.
- And some good news for The Squid.
- The revenge of Steve Jobs.
Pink picks
Comment, analysis and other offerings from Wednesday’s FT,
Martin Wolf: Intolerable choices for the eurozone
The eurozone, as designed, has failed. It was based on a set of principles that have proved unworkable at the first contact with a financial and fiscal crisis,
Snap news
Breaking pre-market news on Wednesday,
- Schneider Electric to acquire Spain’s Telvent for $2bn or $40 per share — statement.
- Lenovo buys controlling stake in Germany’s Medion; to launch offer for rest of company — report and statement.