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Europe Tremors Resume: Spain Bund Spreads At All Time Wides, China Exporters Ditch Euro As CHF Surges
Another horrendous day shaping up for Europe. Spanish Bund spreads have surged to all time highs just south of 200 bps, Hungary confirms that it was not exaggerating comments about chances of (not) avoiding Greek situation, pushing its CDS even wider, the EURCHF has dropped to under 1.40 and the SNB has not intervened yet, while the EURUSD is down to 4 year lows below 1.21. The nail in the euro coffin is a report by Reuters that a growing number of Chinese exporters turn down euro payment, flatly refuting anything SAFE may be saying officially.
Chinese exporters who made a big push only a year ago to bill in euros are increasingly turning their backs on the wounded European currency and demanding dollars instead.
By contrst, Beijing last week said a report it was reviewing the euro portion in its mountain of foreign exchange reserves was groundless and it calmed markets by saying that Europe remained a key investment market.
But Chinese exporters and the local governments that oversee them are less confident. They are trying to keep a wider berth from the euro, at least for now.
Oh, and now the French PM is quoted as saying that he only sees good news in parity between the dollar and the euro. Too bad none of his bank share the sentimentm realizing all too well none of them will exist in that situation.
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Fucking Fridays. Its always the goddamn Fridays.
Its is "fry-day"
i wonder what Monday would be like???
moan-day
Wow, its spreading very fast..
Well, well, well.........Welcome to the club! Now we have the, you heard it here first, PHIIGS'. PHungaryIIGS'.....
Sarkozys wife will leave him to be Obamas misstress if it hits parity, unless he has bought her a lot of gold.
Edit. Sorry forgot obamas gay
Sarkozy's wife is hot.
Sarkozy's wife is a whore.
That's what makes her hot.
+100
+1
needed a good chuckle, but Carla is hot as fuck.
1.2038 low currently.
Wondering what impact the bullshit jobs # will have...
The sheep are being herded into the USD pen for culling.
They can't smack the eurozone while the Bilderberg is meeting so they smack the cousin.
Sovereign Wideners Entity Name 5 Yr Mid Change (%) Change (bps) CPD (%) Austria 95.44 +23.33 +18.05 7.96 France 102.11 +22.19 +18.54 8.48 Germany 52.04 +18.70 +8.20 4.41 Belgium 130.33 +18.27 +20.13 10.71 Sweden 43.32 +15.89 +5.94 3.70 Spain 295.47 +15.25 +39.09 22.39 Ireland 297.60 +14.51 +37.70 22.45 Finland 34.28 +13.87 +4.17 2.94
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JESUS FUCKING CHRIST.
Ouch, thats bad. Thanks for the data CB, hang in there.
You got the UK there Cheeks?
Yes? How can I help you?
Skank.
That is what they call, in market parlance, a "Gi-Normous AssFucking"
It must be really bad for the Euro if China is demanding dollars. Within a year China will palm-slap their foreheads and say, "Doh, what were we thinking!", or the Chinese equivalent of that. But what will they demand payment in after that epiphany?
GOLD!
gold is getting absolutely massacred right now.
but, yeah, Gold bitches.
Thinking big gold take down on NFP?
The media spin will be gorgeous x
I think a collapsing market might scare JP off from its usual manipulation of gold on NFP days, there may be too strong a bid. We will see.
Sold my paper gold at 1201 in fear of them, looked like they were trying it this morning. Bastards bastards bastards.
If it collapses today along with the world, then surely its cheap. Will buy with both hands.
Seems stable at the moment. But in a trend that makes me uneasy, GLD is now $35 off the physical futures price. I would like to own physical, but can't justify it because of the liquidity problems and risk involved. At least GLD is easy to dump and no one can steal it from you.
So does everything else. CAC, FTSE normalized after a sell off on a massive volume. I think they are just looking for some direction, some small piece of data or news which would set the intra-day trend for the day. Remember the day has just begun, and the US is still closed.
EDIT:
Scratch that. "London Burning" baby. FTSE diving like Jacques Cousteau fucked Queen Victoria and FTSE is their child.
I have no idea what that means but I'm still laughing!
Bring back the gold clause.
Sarkozy is a politician who doesn't understand the markets, he should shut up his mouth, its hurting Euro more.
He thinks its a good news but if the Euro goes down more, Euro will lose its confidence, everybody will dump more euro, it will be the beginning of euro crash and disintegration.
I thought this was a forum for those that can read between the lines
sarkozy is short.
Indeed,
The living standards of the french.
it was the prime minister who made comment, sarkozy is prez.
i have noted euro politicians seem to contradict each other ALL THE TIME. it´s so not serious.
as a european im incredibly dissapointed at my leaders, owned by the fucking banks not one iota better than the joker in the white house.
completly incapable of making tough decisions only worrying about the next election (FU angela merkel, waiting out the local election before commiting taxpayers money to save greece/the euro, but really the banks that hold the bonds. thought your people wouldn´t see right thru that shit? guess again.)
the contempt these people show us is unreal...
Nobita,
There's the world you live in where you think the democratic process works.
Or there's the world where it makes sense that your leaders are meer followers of the elite.
They are are salesmen, there to confuse the customer/consumer.
The awakening is here...get on board.
"Chinese exporters who made a big push only a year ago to bill in euros are increasingly turning their backs on the wounded European currency and demanding dollars instead."
Real smart move, out of the frying pan into the fire.
Lol yup just like Iran going from the Euro>USD Buy High sell Low...
short term pain management
This is why we play the game.
I'm watching that station for the first time in months, and the disconnect amongst the "economists" is amazing. How the rest of the world can prosper with a collapsing Europe, decimated banks, and currencies in turmoil is something I do not think they taught in B-school. Thus, "who could possibly have seen this coming" will be the next thing out of their dropped-jaw mouths.
I'm guessing that in the next ten minutes, the entire Census Staff will be fired, and rehired, retroactive to the 31st just to give one last nitro boost to the jobs number. In addition, they'll be hiring additional folks to pour water on the smoking fingers of the PPT, who may be called upon to do some large scale offer lifting today.
Historically, early October can be quite unsettling as well.
On that basis, the 8th October should be a doozy.
The sell off volume on the FTSE went parabolic. It just rocketed up. This smells so much like 08.
Just peeked in at CNBC......This is a buying opp don't ya know!!! HAAAAA HAAAA
http://business.timesonline.co.uk/tol/business/economics/article7140270.ece
Greece is irrelevant now. Its like the canary in the coalmine as the coalmine explodes.
When does todays daily central bank currecny intervention kick off? Do I have time to grab popcorn? Or have they reached the space and time when a crank job is too little too late? Dollar funding crisis heating up, I love this shit....
this is a debt-deflation spiral so from a fundamental standpoint it is:
cash is best, f.. the rest