August 18, 2011
JLN Interest Rates - http://www.jlninterestrates.com
Conversation Starter
Fed Research: ABS Inflows To The United States And The Global Financial Crisis
Carol Bertaut, Laurie Pounder DeMarco, Steve Kamin, and Ralph Tryon, Federal Reserve
In a report released recently by a group of Federal Reserve researchers, the hypothesis of the "global saving glut" (GSG) indicates that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined with both innovations and deficiencies of the U.S. credit market, are believed to have contributed to the U.S. housing bubble and to the buildup in financial vulnerabilities that led to the financial crisis. This report presents a picture of how capital flows contributed to the crisis, drawing attention to the sizable inflows from European investors into U.S. private-label asset-backed securities (ABS), including mortgage-backed securities and other structured investment products.
See the full Federal Reserve report here.
------------------
Upcoming Newsletter Survey
In an effort to add value to the JLN Interest Rates Newsletter and the accompanying blog and tailor them to your needs, we'll be distributing a survey in coming days. The more responses we get, the better we will be able to provide applicable content. Please watch for the survey to hit your inbox. We appreciate your time and feedback.
--Christine Nielsen
Lead Stories
Richard Fisher: Federal Reserve's Low Interest Rate Pledge Misses The Point
Huffington Post
As the Federal Reserve attempts to stimulate the economy and avert a new recession, one of the central bank's most basic tools isn't working, a top Fed official said in a speech Wednesday.
http://jlne.ws/oAOK3j
Fed’s Fisher: Businesses Need Regulatory Clarity, Not More Monetary Stimulus
By Anusha Shrivastava, WSJ.com
Businesses in the U.S. need more clarity on fiscal and regulatory policies rather than further monetary accommodation, said a top central bank official, underscoring this is essential for job creation
http://jlne.ws/rc7zLn
Monetary Policy Stimulus at the Zero Bound is Hard...
David Beckworth, Finance Banter
Except when it was done in Sweden over the past few years or when it was done between 1933 and 1936 in the U.S. economy. In both cases short-term interest rates were at 0% and almost all the other characteristics of what a New Keynesian like Matt Rognlie would call a liquidity trap were present. Monetary policy stimulus, however, proved to be very effective in both economies.
http://jlne.ws/pzzvV3
Fed's Zero Rate Stance Poses Risk For Rate Futures Volume
By Howard Packowitz Of DOW JONES NEWSWIRES
A potential two-year freeze on U.S. interest rates telegraphed by policymakers provides a fresh challenge for the flagship product group at CME Group Inc. (CME), though some traders see an opportunity to position themselves for volatility stemming from any future policy change from the Federal Reserve.
http://jlne.ws/ru7VO3
Treasury Yield Hits Record Low
BY CYNTHIA LIN, WSJ.com
The yield on 10-year U.S. Treasurys plunged to a new all-time low Thursday, falling below the 2% mark for the first time in history after the Philadelphia Federal Reserve's business index plummeted to -30.7 in August.
http://jlne.ws/oDYu4N
**CN: Another new low.
U.S. lifts oversight of Europe banks' units
By Robert Daniel, MarketWatch
U.S. Federal Reserve and state regulators are intensifying their oversight of the U.S. subsidiaries of Europe's biggest banks to measure how vulnerable the divisions are to increased financial pressures, people familiar with the matter told The Wall Street Journal.
http://jlne.ws/oxZN7E
Cost of a European bank bailout worries investors
Economic Times
LONDON: Ever since Lehman Brothers collapsed nearly three years ago, Europe's leaders have repeatedly vowed to prevent any major European bank from failing. But as bank shares plummeted this week, the question on investors' minds was not whether governments would rescue their banks if necessary. It was how much a bailout might cost them.
http://jlne.ws/pVVE4E
Fed Eyes Cash Europe Banks Have in U.S.
By DAVID ENRICH And CARRICK MOLLENKAMP, WSJ.com
Federal and state regulators, signaling their growing worry that Europe's debt crisis could spill into the U.S. banking system, are intensifying their scrutiny of the U.S. arms of Europe's biggest banks, according to people familiar with the matter.
http://jlne.ws/rtdtGW
Debt in Europe Fuels a Bond Debate
By JACK EWING, NY Times
The Germans want to bury it. The French say it is a nonstarter. But the idea that the only way to contain the sovereign debt crisis is for Europe to issue bonds backed by all the nations of the euro zone will not go away.
http://jlne.ws/oYsvHZ
Gold hits another record high
The Globe And Mail
The price of gold hit another record high, at $1,829.70 (U.S.) per ounce, as investors spooked by the prospect of a return to recession seek out safety in the precious metal.
http://jlne.ws/nMDdMT
Time to question the dollar’s role as reserve
By Ousmène Mandeng, Financial Times
The international economy is due to “celebrate” the 40-year anniversary of the collapse of the Bretton Woods system of fixed-exchange rates. On 15 August 1971, the US defaulted on its gold convertibility obligation. Despite a deal to lift the US debt ceiling, the credit downgrade by Standard & Poor’s and the quality of the policy debate and its likely implications suggest that the US may once again steer towards defaulting on its role as an international monetary anchor. The ramifications of possibly prolonged economic policy paralysis in the US are severe but nowhere would its repercussions be felt more than in the international
monetary system.
http://jlne.ws/qr56z8
Morgan Stanley Cuts 2011 Global Growth Forecast
Reuters/CNBC
Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the U.S. and the euro zone were "dangerously close to a recession", and criticized policymakers in Washington and Europe for not acting more decisively to contain the sovereign debt crisis.
http://jlne.ws/oNkSyT
Report: Government investigating Standard and Poor's
Associated Press
The Justice Department is investigating whether the Standard & Poor's credit ratings agency improperly rated dozens of mortgage securities in the years leading up to the financial crisis, The New York Times reported Wednesday.
http://jlne.ws/nR75sZ
The ties that don't bond
The Economist
"EUROBONDS" are the idea that won't go away in Berlin. Officially the government dismisses the idea of mutual bonds guaranteed by all members of the euro zone as “not the right way” to address the crisis in the currency area. At her meeting with President Nicolas Sarkozy in Paris earlier this week Angela Merkel, the chancellor, ruled them out for now. But behind the scenes a rift is opening up in her coalition.
http://jlne.ws/otKnCV
Marketaxess considers post-reform future
Plosser Explains His Dissent
By Gary Siegel, the Bond Buyer
Calling the Federal Open Market Committee’s decision “inappropriate policy at an inappropriate time," and its statement on the economy “excessively negative,” Federal Reserve Bank of Philadelphia President Charles I. Plosser said he would have liked to wait until September and watch data before making such a decision.
http://jlne.ws/qvO4rs
The World's Wealthiest Sovereign Funds
Economy Watch
Sovereign funds are investment funds that are owned by the state, and composed of various financial assets such as stocks, bonds, properties and other financial instruments.
http://jlne.ws/rifrJR
US mutual fund outflows surge after downgrade
Reuters
U.S. mutual funds had the largest outflows in nearly three years in the wake of the downgrade of the U.S. credit rating by Standard & Poor's, data
from the Investment Company Institute showed on Wednesday.
http://jlne.ws/qwYV6d
Big Investment Funds Mixed On Approach To Bank Investments During 2Q
Dow Jones/WSJ
Big investment funds were mixed on their approach to bank investments during the second quarter, with Wells Fargo and Co. and Bank of America Corp. among the companies whose stocks saw stark opposing bets.
http://jlne.ws/oC8bpX
Fitch Ratings Keeps U.S. at Top Credit Rating
Associated Press
Fitch Ratings said Tuesday it will keep its rating on U.S. debt at the highest grade, AAA, and issued a "stable" outlook, meaning it expects the rating to stay there.
http://jlne.ws/pQYQ22
How to make monkeys out of rating agencies
By Peter Tasker, Financial Times
Sovereign downgrade? Been there, done that ... such is likely to be the response of any investor in Japan to the news that Standard and Poor’s has removed its triple A rating on US debt.
http://jlne.ws/pOu3Ze
On mortgage rates, Obama wants proposal for how government can keep big role
By Zachary A. Goldfarb, Washington Post
President Obama has directed a small team of advisers to develop a proposal that would keep the government playing a major role in the nation’s mortgage market, extending a federal loan subsidy for most home buyers, according to people familiar with the matter.
http://jlne.ws/qCdZIb
China Raises Holdings of U.S. Debt as Global Demand Wanes
By Cordell Eddings and Kyoungwha Kim, Bloomberg Businessweek
China boosted its holdings of U.S. government debt for a third straight month to $1.17 trillion in June, while other foreign investors were sellers of Treasuries for the first time since 2009.
http://jlne.ws/pcdzpj
Foreigners Slashed U.S. Treasurys Holdings In June
BY LUCA DI LEO AND JEFF BATER, WSJ.com
Private foreign investors sold a record amount of U.S. Treasurys in June as the U.S. debt-ceiling debate intensified, but China boosted its holdings for the third month in a row.
http://jlne.ws/nt7EIn
ECB Spent $32 Billion Last Week On Bond Purchases
AP
The European Central Bank spent euro22 billion ($31.7 billion) last week buying up government bonds in an effort to keep Italy and Spain from financial disaster.
http://jlne.ws/piWepV
S and P Downgraded in Treasury Trade After Upgrade for China
By Cordell Eddings and Kyoungwha Kim, Bloomberg Businessweek
China boosted its holdings of U.S. government debt for a third straight month to $1.17 trillion in June, while other foreign investors were sellers of Treasuries for the first time since 2009.
http://jlne.ws/oXeUvX
U.S. Inquiry Eyes S andP. Ratings of Mortgages
By LOUISE STORY, NY Times
The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard and Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews.
http://jlne.ws/oV6uXU
S and P Backs French Triple-A Rating
By GABRIELE PARUSSINI, WSJ
PARIS—A senior Standard and Poor's Corp. analyst Thursday confirmed France's triple-A rating and stable outlook for the country, dispelling investor fears that the top-notch grade of the euro zone's second-largest economy may be at risk.
http://jlne.ws/p1yVW4
Treasury International Capital Data For June
Press Release
The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2011. The next release, which will report on data for July 2011, is scheduled for September 16, 2011.
http://jlne.ws/nfxpLD
Goldman, Citigroup Employees Big Givers To Deficit Super Committee
By Janet Novack, Forbes
If money does buy influence, the financial services industry should be in pretty good shape when the 12 members of a new Congressional “Super Committee” start meeting to decide how to trim at least $1.2 trillion from the federal deficit over the next decade.
http://jlne.ws/pgcUMf
Sometimes, Inflation Is Not Evil
By FLOYD NORRIS, NY Times
Thirty years ago, it became clear that defeating inflation was crucial, even if the means needed to accomplish that would cause a deep recession. By the time the European Central Bank was created in the 1990s, it seemed so obvious that inflation must be fought that the bank was given only one mandate — to fight inflation. The other mandate given to its United States counterpart, the Federal Reserve — to promote employment — was pointedly not included.
http://jlne.ws/q5PxEO
Firms Study Relationship Of Equity To Credit As Markets Gyrate
By Katy Burne Of DOW JONES NEWSWIRES
A few closely held financial-data companies are studying the relationship between equity and credit markets in anticipation of growing interest from high-speed trading firms and traditional portfolio managers. The move comes amid a period of historic volatility, stemming from twin debt crises on either side of the Atlantic, rapidly slowing economic growth and unyielding mortgage-deal litigation weighing on Wall Street banks.
http://jlne.ws/qbwaXq
Events
Valuation and Pricing Methodologies of Debt Instruments - Auction Rate Securities
Sept. 1, 2011
Madison Street Capital (MSC) Is Lead Presenter In This Financial Research Associates Webinar Segment
http://jlne.ws/pxF2sq
FIA Treasury & Rates Forum
Sept. 14, 2011
FIA Program On Growing Role Of Treasury Futures - New York City
http://jlne.ws/fQFQXP
SEFCON II
Oct. 3, 2011
WMBAA To Examine Role And Operation Of Swap Execution Facilities Under Dodd-Frank
http://jlne.ws/pY4N7S
Economic News
Leading Economic Indicators Jump 0.5% in July
The Bond Buyer
The composite index of Leading Economic Indicators grew 0.5% in July, the Conference Board reported Thursday.
http://jlne.ws/nTsl7q
Philly Fed factory activity plummets in August
Reuters
Factory activity in the U.S. Mid-Atlantic region plummeted in August, falling to the lowest level since March 2009, a survey showed on Thursday.
http://jlne.ws/nzXpxX
Third Quarter 2011 Survey of Professional Forecasters - Philadelphia Fed
Federal Reserve Bank of Philadelphia
Growth in the U.S. economy is predicted to be slower in the short run compared to the forecast of three months ago, according to 37 panelists surveyed by the Federal Reserve Bank of Philadelphia. Our panelists expect real GDP to grow at an annual rate of 2.2 percent this quarter, down from the previous estimate of 3.4 percent. On an annual-average over annual-average basis, the forecasters have also revised downward their forecasts of real GDP growth. The forecasters see real GDP growing 1.7 percent in 2011, down from their prediction of 2.7 percent in the last survey. The forecasters predict real GDP will grow 2.6 percent in 2012, 2.9 percent in 2013, and 3.1 percent in 2014.
http://jlne.ws/mZsDmG
Existing Home Sales in U.S. Unexpectedly Decreased in July
By Alex Kowalski, Bloomberg
Sales of U.S. previously owned homes unexpectedly dropped in July, reflecting an increase in contract cancellations due to strict lending rules and low appraisals.
http://jlne.ws/r5TDRF
U.S. Industrial Production Rose 0.9% in July
By Jillian Berman and Shobhana Chandra, Bloomberg
Manufacturers in the U.S. churned out more cars, computers and furniture in July, easing concern that one of the mainstays of the recovery was giving way.
http://jlne.ws/nB58He
Economic Confidence Falls: Why Some Consumers Still Have It
By Douglas McIntyre, DailyFinance
Consumers who live in the District of Columbia have more economic confidence than residents of any other part of the country, according to a new Gallup poll. Maryland and Virginia also rank in the top 10 for consumer confidence.
http://jlne.ws/n46jVZ
NAHB Housing Index Holds at 15 in August
By Gary Siegel
Builders’ confidence in the market for new single-family homes held at its low level as the National Association of Home Builders' housing market index - a monthly gauge of builder sentiment – remained at 15 in August.
http://jlne.ws/qrFhDN
US retail sales rise in July, easing recession fears
BBC
US retail sales rose in July by the largest amount in four months, Commerce Department figures show, tempering fears that the US may be slipping back into recession.
http://jlne.ws/q01azN
Consumers Are Miserable, but Still Shopping For Now
WSJ.com
Watch what they do, not what they say. Consumers in early August say their view of the U.S. economy is the worst since 1980 — a time covering the only back-to-back recessions in modern history. But consumers shopped at a solid pace in July and into early August.
http://jlne.ws/qb5IWH
Exchanges, Clearing Houses & MTFs
NYPC Announces Three New Clearing Members
Press Release
New York Portfolio Clearing, LLC (NYPC), the innovative new clearing platform for interest rate futures, announced today that its board has approved three additional clearing members. The new members are: ABN Amro Clearing Chicago, LLC; Citigroup Global Markets Inc.; Merrill, Lynch, Pierce, Fenner and Smith, Inc.
http://jlne.ws/o3MCCx
Firms & Banks
Barclays Sees ‘Real Competition’ From China
By Cathy Chan, Bloomberg
Chinese securities firms are making inroads in international investment banking markets, driving up hiring costs and spurring tighter competition for deals, a senior Barclays Plc (BARC) executive said.
http://jlne.ws/pOPqih
BofA Mortgage Risk May Rise in MBIA Case
By Jody Shenn and Shannon D. Harrington, Bloomberg
Bank of America Corp. (BAC) may face billions of dollars more in liability for faulty mortgages if a judge agrees with insurer MBIA Inc. (MBI) that the lender must buy back loans even if the errors didn’t cause a borrower’s default.
http://jlne.ws/noptxZ
Bank of America Said to Weigh Foreclosure Deal That Allows New York Probe
By Hugh Son, Cheyenne Hopkins and Lorraine Woellert, Bloomberg
Bank of America Corp. (BAC) may settle a state and federal probe of foreclosure practices in a deal that lets New York proceed with an inquiry into securitizations, according to two people with direct knowledge of the talks.
http://jlne.ws/njDjRr
BofA faces struggle to sell CCB stake
By Henny Sender in Hong Kong and Simon Rabinovitch in Beijing, Financial Times
Bank of America is facing difficulties in selling its 10 per cent stake in China Construction Bank, partly because potential investors are expecting a deluge of rights issues, share sales and new listings from Chinese banks
http://jlne.ws/qrE0rz
US court approves Lehman CLO deal
By Dan McCrum and Nicole Bullock in New York, FT.com
http://jlne.ws/pvQKo8
RBS cuts some customers' ATM access
BBC
Royal Bank of Scotland (RBS) is to stop nearly a tenth of its account holders using cash machines owned by rivals. This will affect nearly a million people with basic bank accounts that do not offer overdrafts or cheque books.
http://jlne.ws/qH66gi
RBS offers interest-free loans to firms hit by riots
BBC
Royal Bank of Scotland (RBS) has become the latest bank to offer financial support to small firms that were affected by last week's rioting.
http://jlne.ws/mPmiBP
Citi Clears First Trades on New York Portfolio Clearing (NYPC) with BlackRock
Morningstar
Citi, a global leader in central clearing, announced today that it has begun clearing trades on New York Portfolio Clearing (NYPC), a joint venture of The Depository Trust and Clearing Corporation and NYSE Euronext. Citi cleared trades executed on NYSE Liffe U.S. for BlackRock, a leading asset management, risk management and advisory services firm managing more than $3.6 trillion for institutional and retail clients worldwide.
http://jlne.ws/oSQLw0
Goldman Sachs Sued by Allstate Over $100 Million in Mortgage Securities
By Karen Freifeld, Bloomberg
Goldman Sachs Group Inc. (GS) was sued by Allstate Insurance Co. over the sale of more than $100 million worth of residential mortgage-backed securities that the insurer claims the bank itself called “junk” and “lemons.”
http://jlne.ws/qn9qXq
Moynihan Unravels Another Lewis Deal as BofA Sells Card Unit
By Hugh Son and Sean B. Pasternak, Bloomberg
Bank of America Corp. Chief Executive Officer Brian T. Moynihan is unraveling yet another acquisition made by his predecessor Kenneth D. Lewis as the firm exits credit-card lending outside the U.S.
http://jlne.ws/n0t8cK
Wells Fargo hires Citadel investment bankers
Reuters
Wells Fargo and Co. said Monday that it has hired 25 investment bankers and administrative staff from Citadel after the hedge fund abandoned plans to build out its investment banking unit.
http://jlne.ws/neeC3T
BondDesk Appoints Electronic Trading Luminary Kim Bang as CEO
Press Release
BondDesk, the leading provider of retail fixed income trading technology and execution services, today announced it has appointed Kim Bang as Chief Executive Officer. A founding member and former CEO and President of Bloomberg Tradebook, Mr. Bang most recently held the position of COO of EMEA and Asia Pacific for Bloomberg Enterprise Products and Solutions.
http://jlne.ws/rgQDws
Deutsche Börse Unit Sued Over Alleged Iran Funds
By JAY SOLOMON, WSJ.com
A group of nearly 1,000 American victims of international terrorism is suing Clearstream Banking SA of Luxembourg, a unit of Germany's Deutsche Börse AG, for allegedly assisting Iran in fraudulently securing the release of $250 million in frozen assets and in moving it out of the U.S. financial system, according to legal documents recently unsealed by a federal court in New York.
http://jlne.ws/ow9LxT
Credit Suisse Likely to Settle Criminal Tax Probe, Lawyers Say
By David Voreacos, Bloomberg
Credit Suisse Group AG, the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.
http://jlne.ws/nkwprB
Citadel Chief Gives Up Dream for Investment Bank
By AZAM AHMED and SUSANNE CRAIG, NY Times
It was to have been the summit of a spectacularly ambitious and rapid ascent in finance: turning what began as a $4.6 million hedge fund into an investment bank that could rival Goldman Sachs.
http://jlne.ws/rpmRPU
Deutsche Bank, UBS Offer $1.4 Billion of CMBS as Spreads Widen
By Sarah Mulholland, Bloomberg
Deutsche Bank AG (DBK) and UBS AG (UBSN) are offering a $1.4 billion commercial-mortgage bond deal at the highest relative yields since sales of the debt revived in 2009 as Europe’s sovereign fiscal crisis roils markets.
http://jlne.ws/oL4u2Z
HSBC U.S. Win Sends Madoff ‘Hot Potato’ Back to Irish, Luxembourg Courts
By Stephanie Bodoni, Bloomberg
HSBC Holdings Plc (HSBA)’s U.S. court victory against Irving Picard, the trustee liquidating con man Bernard Madoff’s management firm, may be a boost for investors who filed lawsuits against HSBC and UBS AG in Europe. U.S. District Judge Jed Rakoff in New York on July 28 threw out Picard’s suit seeking almost $9 billion, ruling the trustee can’t bring common-law claims against the bank.
http://jlne.ws/qtkcXB
Regulators
Pressure Remains on ECB
BY TODD BUELL, WSJ.com
The failure of Tuesday's summit between French President Nicolas Sarkozy and German Chancellor Angela Merkel to convince markets of a speedy resolution to the euro-zone debt crisis puts huge pressure on the European Central Bank.
http://jlne.ws/nOs0Ew
New OTC Derivatives Rules to Send Data Levels Soaring 400 Percent
Advanced Trading
Regulatory changes to the over-the-counter derivatives markets in Europe and the U.S. will cause data levels to soar as much as 400 percent above the current level, according to a study conducted by Tabb Group.
http://jlne.ws/oCrGXK
Sarkozy, Merkel Propose Euro Zone Council
WSJ.com
The leaders of France and Germany said Tuesday they would propose electing a permanent head of the euro zone to shore up governance of the monetary union, but stopped short of more fundamental steps toward refashioning the area into a federal entity with its own debt agency.
http://jlne.ws/qhIZBI
Fed's Lockhart: Five Questions and Answers about Today's Economy
Dennis P. Lockhart
Federal Reserve Bank of Atlanta
Lockhart says he is currently cautious about the need for further monetary action. He believes the economy will resume a healthier pace of growth. But if that assessment proves wrong, Lockhart says the Federal Open Market Committee has the tools available to address whatever circumstances arise.
http://jlne.ws/rbwkSP
The Limitations on Central Banks
NY Times
If the first fear is global recession, the second is that central banks have run out of fixes. They do have means to respond, but only with radical and possibly dangerous policies whose efficacy is dubious. These nuclear monetary weapons might be better kept locked away.
http://jlne.ws/q5JgH0
Global News
Iceland Central Bank Hikes Interest Rate 25bps to 4.50%
Central Bank News
Iceland's Sedlabanki raised its seven-day collateral lending rate by 25 basis points to 4.50% from 4.25%. The Bank also increased the deposit rate by 25 basis points to 3.50% and overnight lending rate to 5.50%. The Bank said: "The interest rate increase is in accordance with recent MPC statements and reflects the fact that the inflation outlook for the coming two years has deteriorated still further since the Committee's last meeting," and noted "It is necessary to act now to contain inflation and reduce potential pressure on the krona."
http://jlne.ws/o4bzeT
Stalwart Canadian Economy at Risk of Contraction
Paul Vieira, WSJ.com.
The Canadian economy, a stalwart of growth among the Group of Seven in the post-recession recovery, is at risk of shrinking in the second quarter, data released Tuesday indicated.
http://jlne.ws/qiUCXF
RBC names European investment banking chiefs
By Philip Stafford, Financial Times
Royal Bank of Canada is set to appoint two of its most senior executives to the European operations of its fast-expanding investment banking arm.
http://jlne.ws/oRw1sa
Imagining the Unmentionable
By PAUL HANNON,WSJ
Something terrible may happen, but it's so terrible we can't even imagine what the consequences might be. That's essentially the view the Bank of England takes of what could happen if the euro zone fails to contain its debt crisis and collapses in a spate of defaults and hastily launched national currencies.
http://jlne.ws/nrYGFJ
Banking: Again on the edge
By Patrick Jenkins and Megan Murphy, Financial Times
Stepping down: many of the positions being eliminated in western financial centres such as London's Canary Wharf are unlikely to return, even when the industry's current troubles are over They were never going to attract outpourings of sympathy from the general public. But the job cuts that have hit whole echelons of the world’s biggest banks in recent weeks have not only attracted little compassion, they have barely been noticed at all amid the seesawing global markets and predictions of economic gloom.
http://jlne.ws/nQg0Q5
British Bankers' Association Statement On Personal Banking Customers Affected By Riots
BBA
The banks recognise the problems the recent riots have created for personal banking customers, especially where branches have been closed because of the disorder. The industry has implemented a series of solutions to offer assistance for those who have found themselves in difficult circumstances.
http://jlne.ws/qfNXxB
Greek Economy Shrinks by 6.9%
By STELIOS BOURAS And ALKMAN GRANITSAS, WSJ
Greece's gross domestic product contracted by an annual rate of 6.9% in the second quarter of the year, compared with a negative rate of 8.1% in the first three months of the year, the country's statistics service said Friday.
http://jlne.ws/pgxTCC
Disclaimer: The John Lothian, Environmental Markets, JLN Metals, JLN Managed Futures, JLN Interest Rates, JLN Options and JLN FX newsletters and blogs and MarketsWiki are products of John J. Lothian & Company, Inc. The opinions expressed in these publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers.
Futures and options trading involve risk. Past results are no indication of future performance.
Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any web site or newsletter content.
Copyright 2011 John J. Lothian & Company, Inc. All Rights Reserved.
Tidak ada komentar:
Posting Komentar