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Yesterday’s Eurogroup meeting managed to indentify principles as to how the EFSF might be leveraged with first losses indemnified by between 20% and 30%, but real concerns remain that this degree of leverage will not be enough should the fund be required to bailout Italy. The measures fall short of the €1 trillion agreed earlier [...]

EVEN as the euro zone hurtles towards a crash, most people are assuming that, in the end, European leaders will do whatever it takes to save the single currency. That is because the consequences of the euro’s destruction are so catastrophic that no sensible policymaker could stand by and let it happen.
A euro break-up would [...]

Italy, will today try and sell 8bn € of 3 and 10 year bonds. On Friday, Italy paid Euro era highs of 6.5% for 6 month maturities, therefore with the increased risk of holding longer term debt and, the fact that banks are trying to scale back their exposure to Eurozone debt, yields could hit [...]

After Black Friday we have Cyber Monday which is supposedly the busiest day for on-line retailers as packages are bought ahead of Christmas. Equity markets rallied overnight rising by around 2% during Asian trading on reports that the IMF would provide a 600 billion € bailout for Italy. Although the report is hardly credible in [...]

Asian stock markets continued to sell-off overnight with few investors willing to take any positions due to eurozone debt problems. Today there is a general dearth of economic data to provide any fundamental direction.
Yesterday’s meeting between Merkel, Sarkozy and new Italian PM Monti saw the German Chancellor continuing to resist any issuance of Eurobonds. Merkel [...]

The German Bund was yesterday dragged in to the Euro Zone crisis, when a bond auction in the primary market only managed to sell a third of the 10 year debt on offer. Whilst, rumours of a Belgium downgrade made the rounds adding further to the risk off attitude in the markets.
Due Thanksgiving in the [...]

Spain’s treasury yesterday paid the highest yields recorded in 14 years to issue €3bn of 3 month T-bills, with yields more than doubling to 5.11%. The fact that the 5.11% yield was reached on shorter dated debt reflects the current widespread uncertainty in the market, as opposed to the ability of politicians to solve the [...]

The week began with a feeling of déjà-vu all over again. Budget deadlock in the United States, a change of Government in Europe and downwardly revised growth forecasts across Asia all served to unsettle investors. Major stock markets tumbled between 2 and 5 per cent yesterday and though the selling pressure has abated somewhat this [...]

This is the week in which our friends across the Atlantic celebrate Thanksgiving. In the current climate of economic and political uncertainty across the globe, though, it’s not clear exactly what they’ll be giving thanks for. With one in eleven people officially unemployed, house prices lower than they were a year ago and government debt [...]

The eurozone debt crisis rumbles onwards. Spanish yields edged higher after a disappointing government debt auction yesterday. 10-year yields are back at 6.834, marking a new post-euro high. Italian borrowing costs rose back above 7%. British PM Cameron visits Van Rompuy in Brussels and then Chancellor Merkel in Berlin. He is expected to support Merkel‟s [...]

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