Equity Traders Petition to Create More Bond Market Holidays
Yesterday was one of the strangest days in a while – and that is from a long list of strange days. The most confusing part is that over the weekend Dexia went through some form of nationalization – the details of which and the need for which remain sketchy. Erste decided to take some big […]
Nike Changes Slogan To “Just Get It”
On an otherwise quiet day, where the stock market puts the finishing touches on a 10% bounce in less than a week, Nike has realized, “Just Getting It” is now enough. “Just Doing It” is so 1900’s. Why actually DO something when you can get all the benefits from sitting around and talking about doing […]
Today’s New Twist
So today, MAIN and SOVX, European CDS indices waited for US stocks to open before moving to their tightest levels on the day. So in a completely bizarro world, the markets that are most directly affected by this weekends statements and actions have a muted reaction, until the US stock market, with market least directly […]
Dexlexia, Scrabble Countries, and Humpty Dumpty
After another weekend on headlines coming out of Europe stock futures are up nicely and credit, while better, isn’t performing quite as well and sovereign debt yields are up across the board. After a quick glance at the credit markets and the headlines, it seems once again that equities have gotten ahead of themselves. Dexlexia […]
Headlines that Dexia will be nationalized – Belgium Update
I swear no one from Moody’s is on the distribution list, but they just got put on -ve watch by Moody’s. Seems like they mentioned, tough to get funding for weaker countries already, economic conditions deteriorating, making that problem more pronounced, and “uncertainty around the impact on the already pressured balance sheet of the government […]
MS CDS – The Saga Continues
Today, the CDS market is highly efficient. It is both liquid and ringing with endorsement for Morgan Stanley. It is clear that the credit analysts, who once again are good predictors of the future, have done their homework and decided that Morgan Stanley is safe. Without a doubt some of the concerns are being addressed. […]
Headlines that Dexia will be nationalized
It looks like the plan is back to “nationalizing” Dexia. Not sure if it is Belgium or Belgium and France, but looks like that is the strategy. Dexia with 566 billion euro of assets and 155 billion euro of public debt could make things interesting. Belgium, which already has debt of 322 billion vs GDP […]
Rounding Error, Short Squeeze, and Cost of Recap
Job report definitely better than expected, but if 50k comes from the striking Verizon employees coming back to work it is less impressive. Underemployment continues to be weak. It also seems strange that strength in hiring came in services; whereas, employment in the ISM Services report was weak. Anyways, not a bad report, but nothing […]
It’s 3:15, Do You Know Where Your Market Popping Rumor Is?
Maybe I’m wrong but weren’t AIG and FNMA “nationalized”? Neither of those post-nationalization rallies lasted very long and they preceded nasty declines. Once it gets to a stage of something being nationalized the situation is bad and likely still declining, not over and done with. And remember, the global economy and sovereign balance sheets were […]
