Archive for January 16th, 2012

S&P lowers EFSF to AA+ from AAA EFSFs Regling says lending capacity will not diminish Portuguese 10-year yield jumps nearly 200bps to record 14.40% ESRB Draghi: Greece not delivering on Oct commitments Draghi: satisfied with LTRO thus far No Greek debt swap negotiations u… read full news Published: Tue, 17 Jan 2012… »

New Zealand’s economy is losing momentum, with a smaller than expected boost from the Rugby World Cup creating the risk of a decline at the start of this year. The Quarterly Survey of Business Opinion (QSBO) from the New Zealand Institute of Economic Research showed a net 1 per cent of firms surv… read full… »

EURJPY- The cross remains biased to the downside in the long term as it continues to hold on to its long term bearishness and looks to decline further. As long as the 98.77 level caps, the immediate risk points to its psycho level at 97.00 level where a breach will send EURJPY further lower towards…… »

Standard & Poor’s axe took another swing at Europe Monday, this time stripping Europe’s bailout fund of its AAA status. The move was largely expected after S&P downgraded nine euro area governments last week, including France and Austria, two big backers of the European Financial Stability Facili… read full news Published: Tue, 17 Jan 2012… »

Throughout the crisis period, the European Central Banks behavior has been conditioned by the tension between what it can do and what it is allowed to do. The ECB is the only institution in the European Union that is able to provide unlimited funding to governments, but its governing statute pro… read full news Published:… »

European Central Bank President Mario Draghi said while investors had largely priced in the euro-area sovereign downgrades from Standard & Poors, there should be less reliance on their ratings. It seems to a great extent markets have anticipated these ratings changes and priced them in, Draghi… read full news Published: Tue, 17 Jan 2012… »

Iran’s central bank deputy governor said Monday that trading foreign currency outside of banks and licensed currency exchange operations was now banned, marking the government’s latest attempt to stem an outflow of foreign currency amid worries over the state of the economy. The latest U.S. sanct… read full news Published: Tue, 17 Jan 2012… »

And so the latest inevitable outcome of the French downgrade from AAA has arrived, after the S&P just downgraded the EFSF, that pillar of European stability, from AAA to AA+. S&P adds: “if we were to conclude that sufficient offsetting credit enhancements are, in our opinion, not likely to be… read full news Published: Tue,… »

European Union uber-bureaucrat Michel Barnier took a swipe at Standard & Poor’s for its downgrades of euro-zone sovereign debt. “These rating agencies should have given their alerts five, 10 years ago; not now,” he told reporters during a trip to Hong Kong. Worse still, the rating agencies are… read full news Published: Tue, 17 Jan… »

Time for the dominos to fall where they may: head of sovereign ratings at S&P Kraemer spoke on Bloomberg TV, and said the following: KRAEMER: GREECE, CREDITORS `RUNNING OUT OF TIME’ IN DEBT TALKS -BBG KRAEMER: EURO LEADERS HAVEN’T TACKLED CORE UNDERLYING PROBLEMS -BBG KRAEMER SAYS E… read full news Published: Tue, 17 Jan 2012… »