Friday 11 November 2011

Key Comment - 11/11/11

" US on Holiday, market likely to range trade unless significant headline out of Europe. Peripherals recover slightly."                         
 
Cross Market News 
  • New political back drop in Greece as "technocrat" L Pap takes the helm. Perhaps we will see more sovereign stability into the end of the year.
  • The EC drastically revised down their EU FY'12 GDP growth forecast by 130bp to 0.6%.
  • Italy is moving closer to a unity government, coalescing around Mr Monti succeeding Mr Berlusconi. He is backed by main centrist and centre-left parties, and also the outgoing PM.
  • The EFSF will issue new short-term bonds with a maturity of three, six and twelve months from next months, according to its Chief, Mr Regling.
  • S&P retracted their France downgrade note yesterday; attributed it to a "technical error".
  • An FT/Economist Global Business barometer in October shows that fewer than 15% of respondents expected conditions to improve in the next 6 months; 45% were altering their investment decisions, while 22% expect the EMU to break up. Still, less than 2.5% expected a global double-dip recession.
  • UK: 10y gilts fell to their lowest yields since the 1950s (yesterday's low = 2.177%).
  • The UK government has pledged GBP500m loan pool for small businesses. Mr Prisk, the UK Enterprsie Minister describes the development as "sensible".
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