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’How big could the Sarko trade go?
Some €15-45bn for Spanish banks and their government’s bonds at least, according to Morgan Stanley’s Huw Van Steenis, who has just produced a very interesting note on the carry trade du jour – or to use its technical name the ECB’s 3-year LTRO.
A grinding credit crunch in the periphery
Some more on bank funding stresses, which are one of the main reasons for the recent sell-off in European bank stocks NOT the activities of nefarious short-sellers.
It’s from Morgan Stanley’s Huw van Steenis,
Deutsche Bank, the European flowmonster
Some more on Wednesday’s third-quarter figures from Deutsche Bank — in particular, the unexpectedly strong performance of its investment banking operations.
Huw van Steenis of Morgan Stanley says the figures showed the advantage of a being a flowmonster,
European banks need €83bn
Yep. Another day and (yet) another note on the impact of the Basel proposals.
And this one is pretty frightening.
Morgan Stanley’s Huw van Steenis reckons Europe’s big banks will need to find €83bn by 2012,