As Europe prepares to publish the results of bank stress tests, it is not simply the behaviour of the bond market that is “intimidating” governments. Nor is it merely the antics of American hedge funds that are causing alarm. Instead, the players provoking particular behind-the-scenes unease are those sitting in Asia, according to the FT’s Gillian Tett. The potential market power – or ability to intimidate by implication – of sovereign wealth funds is rising steadily, as their coffers swell. And that, in turn, is starting to have some surprising impact on the eurozone debates.
ft.com/alphaville All times are London time