Paul Murphy
Are Italy’s forecast revisions already out of date?
We were treated to a preview of the Italian government’s new deficit/debt/GDP projections on Tuesday, courtesy of Reuters…
While considering those numbers, have a look at this little table from Malcolm Barr,
Markets Live transcript 17 Apr 2012
Markets Live chat transcript for the chat ending at 10:52 on 17 Apr 2012. Participants in this chat were: Paul Murphy tony tassell
PMMorning
TTgood morning
PMHi Tony
Further reading
Elsewhere on Tuesday,
- Richard Koo, via Macro Exposure, via Business Insider.
- Knowing when to pass on that luxury limo.
- Oops!
- ’I prefer the Atlanta Fed, actually’.
- A Q&A with Amartya Sen.
Markets Live transcript 16 Apr 2012
Markets Live chat transcript for the chat ending at 11:04 on 16 Apr 2012. Participants in this chat were: Paul Murphy Izabella Kaminska PMMorning PMSunday Monday in London
Art attack!
Or abstract corporate finance, perhaps…
The Board of V22 would like to announce that it received an indicative, all- paper offer from an AIM listed company (“AimCo”) to purchase the assets of the Company including the V22 Collection,
International Power and GDF Suez agree terms
Mop up terms — Suez is acquiring the 30 per cent in International Power it does not already own:
- 418p a share
- IPR Shareholders receive 6.6p divi for 2011
- Scheme of arrangement
This values the whole of IPR at just under £23bn – a 21 per cent premium on the share price before the deal leaked at the end of February.
Markets Live transcript 13 Apr 2012
Markets Live chat transcript for the chat ending at 11:06 on 13 Apr 2012. Participants in this chat were: Paul Murphy DuncanR PMMorning PMML on time PMShock
The Glenstrata glitch
Can it really be true that advisers to Glencore and Xstrata did not envisage a referral to the competition authorities in Brussels when planning their $90bn $80bn merger?
Seems so…
Glencore International
And new in at Number One — It’s Cyprus (?!)
As fickle as the singles charts, these CDS…
All of a sudden, little Cyprus is the riskiest sovereign credit bet in the world.
The operative accompanying note here is the line that says “CMA historical data for Cyprus starts on 16th March 2012.”
Markets Live transcript 12 Apr 2012
Markets Live chat transcript for the chat ending at 11:04 on 12 Apr 2012. Participants in this chat were: Paul Murphy neil collins Tony Tassell PMGood morning PMWelcome to ML almost on time
Euro area expansion shock (maybe)
Specially for aufsteiger.
Detail here. Basically, across the euro area, industrial production was up 0.5 per cent in February, compared with January this year. Year-on-year, however, industrial production was down 1.8 per cent.
A “light sheen,” a stock spanked
Something of a scramble in the Gulf of Mexico late on Wednesday as Shell dispatched aerial monitors and an oil-spill response vessel to investigate a “light sheen” about 130 miles southeast of New Orleans.
BRICs on track
So says HSBC’s Stephen King in the bank’s latest Emerging Markets Index quarterly. Click for the report:
A taste from King’s introduction….
Thanks to quantitative tightening and other unconventional measures – including,
‘Don’t lose respect for the trees…’
From CareerCast.com, via the WSJ, an extract from a ranking of 200 jobs, from best to worst:
Apparently CareerCast used five criteria: physical demands, work environment, income, stress and hiring outlook.
Markets Live transcript 11 Apr 2012
Markets Live chat transcript for the chat ending at 11:02 on 11 Apr 2012. Participants in this chat were: Paul Murphy DuncanR PMMorning PMWelcome PMSunny again in London
Eurotrashing, again
Serious equity grief in Milan, where the FTSE MIB fell 5 per cent late afternoon on Tuesday…
The index has fallen 15 per cent since the middle of March.
Market participants were struggling to explain the sell off at pixel time,
Behind the (yield) curve (updated)
From the FSA (who else?). Emphasis ours.
Independent research recommends projection rates are revised downwards
The Financial Services Authority (FSA) has published independent and peer reviewed research by PricewaterhouseCoopers (PwC),
Happy 50th anniversary, FTSE All Share (updated)
Click to view
UPDATE
It’s been pointed out that FTSE ‘forgot’ to include a Y-axis with their (log?) chart. So hear, courtesy of Datastream, are the numbers in full, unadjusted…
Related links:
Markets Live transcript 10 Apr 2012
Markets Live chat transcript for the chat ending at 11:02 on 10 Apr 2012. Participants in this chat were: Paul Murphy Duncan Robinson, FT PMMorning PMSunny day here in London
Markets Live transcript 5 Apr 2012
Markets Live chat transcript for the chat ending at 11:04 on 5 Apr 2012. Participants in this chat were: Paul Murphy Bryce Elder/FT Izabella Kaminska PMMorning PMI’m back from my holds
Spain spikes again…
Maybe it was Mario Draghi pooh-poohing the idea that the ECB might start to withdraw its support for european banks. Or maybe it was just further consideration of Wednesday’s frank words from Spanish prime minister Mariano Rajoy…
Hannam, spun
Just when we were considering launching the Ian Hannam is Innocent OK? campaign, this crosses our radar…
The former JP Morgan Cazenove banker has got himself all PR-ed up, including a personal website,
“The FSA is not about justice, it’s about justifying their existence.” Discuss
The statement above comes from reader WEB, in a comment on Tuesday’s post concerning the public hanging of Ian Hannam, the heroic JP Morgan Cazenove banker fined by the FSA for supposedly distributing price sensitive information in two emails.
Has the Queen been keeping bad financial company?
Okay, it’s a cliche to call Coutts & Co “HM Bank,” although Her Majesty does indeed bank there.
Which makes this instant news:
The Financial Services Authority (FSA) has fined Coutts & Company (Coutts) £8.75 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls relating to high risk customers,
Markets Live has moved, temporarily
Looking for Markets Live, Alphaville’s daily chat about markets and stuff?
For one week only, it’s gone all MLNYLON.
Markets Live this week will be held at 2pm, British Summer Time in London, and 10am 9am,
Just another weird statement from Gulf Keystone…
With the oil literally, reportedly, seeping out of the ground, and a Chinese takeover, reportedly, hint-edly, on the cards, we should note this very strange announcement from Gulf Keystone Petroleum on Monday…
Markets Live transcript 23 Mar 2012
Markets Live chat transcript for the chat ending at 12:07 on 23 Mar 2012. Participants in this chat were: Paul Murphy Bryce Elder/FT neil collins PMMorning PMthis is Markets Live on time
Adding to the Bank of England’s toolbox… (updated)
Here are the minutes of the Financial Policy Committee discussion on what extra policy tools might be handy in staving off future crises. We are talking:
countercyclical capital buffer;
sectoral capital requirements;
Pay cuts all round at Credit Suisse
Here’s the Credit Suisse compensation report:
Taken from the 2011 annual report, published here.
The headline news is that the total pay for chief executive Brady Dougan fell 55 per cent to SF5.8m ($6.4m) after a 62 per cent drop in profits in 2011.