The Week Ahead

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The Week Ahead - 30 July 2012

Markets have rallied across the board, once again showing the mercurial nature of investors who are skittish at best. This time it was ECB President Draghi who supplied the happy pills. He pledged to do whatever was necessary to protect the euro zone from collapse, stating strongly that “believe me, it will be enough.” So market attention quickly turned to what he might do. There are rumours of special meetings, another LTRO looming, interest rate cuts and moves to again enter the bond markets to drive down longer term interest rates. Read more about The Week Ahead - 30 July 2012

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The Week Ahead - 16 July 2012

The markets have finally paused for a breather. After weeks of angst over Europe, some reflection has finally set in. But the ratings agencies sadly never take a break. Moody's cut Italy's sovereign debt rating to Baa2, citing doubts over Italy's resolve to push through much needed reforms. Even so, Italian banks and a broad domestic investor base have provided a safety net for Italy throughout the crisis, in particular to finance Rome’s EUR2t debt. A new 2015 bond was sold at an average of 4.65%, compared with the 5.30% paid in June. Not so bad. Read more about The Week Ahead - 16 July 2012

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The Week Ahead - 16 July 2012

The Week Ahead - 9 July 2012

The global slowdown continues apace, with poor data creating a gloomy mood everywhere. As expected, the European summit afterglow did not last long. European Finance Ministers meet this week to try to put some detail around the decisions made at the summit. This is tough to do, since the southern states want more loans at lower interest rates, and the Northern states find this almost impossible politically to do. Read more about The Week Ahead - 9 July 2012

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The Week Ahead - 9 July 2012

The Week Ahead - 2 July 2012

Markets have rallied across the board as Germany relaxed and Chancellor Merkel was seen to give in to Italy and Spain. Merkel's biggest concession was to agree to give the euro zone's new permanent rescue fund, the European Stability Mechanism, the power to inject aid directly into stricken banks. But her key condition was support for the establishment of a central supervision authority for banks, to be run by the ECB. This is the detail that we do not know: how this new authority will work, what powers it will have and which banks it will supervise. Read more about The Week Ahead - 2 July 2012

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The Week Ahead - 2 July 2012

The Week Ahead - 25 June 2012

The skirmishing continues in Europe, as various countries try to press their case for more (and cheaper) money. The one to watch is German Chancellor Merkel. She holds the cheque book and ultimately, Europe will dance to her tune. Italy, Spain and France are pressing a joint case, with French President Hollande leading the charge for joint euro zone bonds and the creation of a “banking union” with cross-border deposit guarantees. Merkel quickly dismissed these as quick fixes that are bound to fail. Read more about The Week Ahead - 25 June 2012

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The Week Ahead - 25 June 2012

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The Week Ahead

The Week Ahead - 30 July 2012

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