Italian Bank Problems Now At The Forefront

Posted by: Reggie Middleton

Post date: 07/11/2011 - 10:22

Italy has clearly recently broken the 5% support, and if on a tech point of view, a quick 40bp is guaranteed, to 5.4% (the previous range was 4.6%-5% so 40bp wide), given the context, and given that German yields are going DOWN, this is the sign of something much much bigger, like what happened to Spain and perhaps Portugal. You've seen the info as well on the recent volatility in Italian banks, and headlines shifting to Italy, I now believe the big move is happening right now.

News That Matters

Posted by: thetrader

Post date: 07/11/2011 - 05:09

All you need to know by www.thetrader.se

 

 

 

 

Fox Corp Pulls BSkyB Deal, Shares Tank 

Casualty #2.

• NEWS CORP. WITHDRAWS PROPOSED UNDERTAKINGS ON BSKYB
• NEWS CORP. REFERS TO BSKYB COMPETITION COMMISSION REFERENCE
• BSKYB DROPS AS MUCH AS 11% IN LONDON

Next up: the WSJ

Like Clockwork... 

Submitted by Tyler Durden on 07/11/2011 10:46 -0400

Done and done. 

 

 

 

 

 

 

 

 

 

UniCredit Reopens After Halt, Plummets 

Unicredit, which was halted briefly before after hitting its down limit, has reopened, and the investing public welcomes this by total dumpage. Stock down as much as 10.5%. Expect Consob to elevate up its naked short selling ban to a ban of all financial stock shorting. 

 

 

 

 

 

 

 

Watch The Teleprompter's Update On The "Status Of Efforts To Find A Balanced Approach To Deficit Reduction" 

Submitted by Tyler Durden on 07/11/2011 10:58 -0400

This is getting bad. The market, like the good Pavlov dog it is, will start associating the president's now daily appearance with market plunges. Oh well. Some comedy relief nonetheless for those (the majority) that is not watching the Tiger address at the same time.

 

 

 

 

 

 

 

  

EU Prepares Law To End Influence Of Rating Agencies, Tells Banks To Police Themselves 

The schizophrenic EU once again confirms it has forgotten to take its daily dose of Geodon. Reuters reports that banks in the European Union face curbs on how much they can depend on ratings from credit agencies to calculate the size of their capital safety cushions. Michel Barnier, the EU's financial services chief, said he will make the proposals as part of his reform to bring EU bank capital requirements in line with a global accord known as Basel III that will increase the size of capital buffers. "To limit overreliance, we will be strengthening the requirement for banks to carry out their own analysis of risk and not rely on external ratings in an automatic and mechanical way... We will also make other concrete proposals before the end of the year to limit over-reliance to deal with insurance, asset management and investment fund sectors," Barnier also told the European Securities and Markets Authority (ESMA). Translation: banks will be told to .... police themselves. As for the basis of this move, it is all too clear: remove the influence of the ratings agencies on the fact that the European ponzi is unravelling faster than Lady Gaga's costume at next year's VMA. But wait, what about that AAA rating on the "CDO at the heart of the Eurozone." Oh, well, since that's an AAA, they are fine with that. Of course, if the CRA's say enough, and actually slap a rating that is truly appropriate with this reverse synthetic debt contraption, it's game over.

Picture Of Protesters Assaulting US Embassy In Damascus 

The US embassy in Damascus, Syria, wass reportedly scaled by protesters on Monday. A US official says the Obama administration will formally protest the 'attack' on the embassy and may seek compensation for damage caused when a mob breached the wall of the compound before being dispersed by Marine guards, according to the Associated Press. This photo, posted on Facebook, purportedly shows protesters scaling the fence around the US embassy. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Whatever Happens, Commodities Win: Jim Rogers