This page has been archived and commenting is disabled.
As Gaddafi Speaks, Saudi Market Continues Plunge, CDS Hits Highest Since July 2009
Despite what irrelevant US stock futures indicate, just like yesterday the true appreciation of risk comes from the Gulf region, where following yesterday's 7% rout in the Saudi index, today the drubbing continues. And for those who are confused why the Egyptian stock market continues to be closed, just take one look at what is happening with the Saudi Tadawul Index. Further confirming that Saudi Arabia is coming unglued are Saudi CDS which as we predicted a month ago, are well on their way to 200 and onward, last printing at 145, the widest they have been since July 2009.
In the meantime, while Qadaffi is currently speaking on Libyan TV, here is an update of events in the region from Bloomberg:
Libyan forces loyal to Muammar Qaddafi counterattacked against rebels who have seized the east coast ports where much of the country’s oil is refined or shipped abroad.
Qaddafi’s forces won back control of Brega on the Gulf of Sidra early today, and then lost it again to the rebels, Al Jazeera television reported. State television said government troops control the airport and port. The town, southwest of the opposition’s main base in Benghazi, contains a refinery and tanker terminal. A weapons depot in Ajdabiya, about 40 miles (64 kilometers) northeast of Brega, was bombarded and a convoy of vehicles carrying pro-Qaddafi troops was seen headed toward the town, the British Broadcasting Corp. said.
Qaddafi’s effort to crush a two-week uprising was condemned yesterday by the 192-member United Nations General Assembly, and Western powers are debating how to stop the attacks as two U.S. Navy ships head toward Libya. Rebel leaders are discussing whether to request international air strikes to help defeat Qaddafi, the New York Times reported. Oil rose from yesterday’s 2 1/2-year high and Gulf shares extended declines.
Defense Secretary Robert Gates said the U.S. ships will help with evacuations and humanitarian relief, and his government is “looking at a lot of options.” UN Secretary- General Ban Ki-moon says more than 1,000 Libyans have died in the most violent clashes in two months of popular unrest spreading across the Middle East.
You can see Gadaffi's speech live here:
»
- 6080 reads
- Printer-friendly version
- Send to friend
- advertisements -
Anyone knows Saudi CDS ticker?
Use This code in bloomberg
http://chart.ly/nfb69u2
anyone got a website for portugal and spain cds - charts if poss?
the best way is to use this
http://www.cmavision.com/market-data
Sovereigns
tks
tks
Portugal 5Y CDS: http://www.bloomberg.com/apps/quote?ticker=CPGB1U5:IND
Spain 5Y CDS: http://www.bloomberg.com/apps/quote?ticker=CSPA1U5:IND
Gaddafuker is really NOT in control of the situation is he now.
The FFT guy has some intrseting things to say on this event, as they have been accurate about the middle east crisis.
They also have a big launch for an ebook they are releasing
next week called "THE U.S. SECRET HIDDEN TREASURE MAP!"
I would say it has to do with this whole middle east crisis.
Looks VERY intresting. Their prelaunch page is over at :-
http://www.forecastfortomorrow.com/news/products
From what I understand...only Saudi Arabians can invest in this market..outsiders can´t.....so to me the "people" see what is coming...
Maybe you should have FLOTUS looking over his shoulder.
Brilliant sir.
I'm not sure what made me laugh harder. This, or the fact that Gaddafi is making ANOTHER speech. How many is that now?
You know what made me laugh today? Our Defense Minister Karl-Theodor zu Guttenberg resigned amid a plagiarism scandal (after copying huge chunks of his doctoral thesis, more than 100 pages).
But now the funny part: Even in his resign speech, he copied. This time he borrowed a Captain Kirk quote (Star Trek II: Wrath of Khan). I hope Captain Kirk will beat him up.
"He's dead (politically) Jim!"
Are you surprised ;-)
Obama is a hater of crackers too. Just ask Jeremiah Wright.
Good one, WB7. Obamald McDonald.
Actually works better.
I think he wants one but Michele won't let him so he will have a cigarette instead. That is the real secret to his trim, girlish, figure, not exercise.
The Friar's club is upset.
But telling Ghadaffie "No McD's for you" just might smoke him out.
Bomb them with McDonalds freedom fries!
Isn't it amazing how clowns climb to the top? Even in America.
Lone, that has been obvious to world at least since nixon. Possibly before.
And actually Gaddafi has been speaking for a week or so now. No one dares to tell him to stop and he thinks it's holding it all together.
And why would Saudi Arabia have any debt? Of all the countries in the world... they've had the one product that pays as it flows, endless demand. Obscene amounts of money.
Just that fact, that Saudi is in-debted in any way at all, speaks to the mis/dis/mal-function of the whole corrupt system.
ORI
http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/
"No one dares to tell him to stop and he thinks it's holding it all together." Isn't this also true about Mr. Bernanke?
Just doing what they're told. Old plans die hard.
Indeed. as it was true for GreedSpawn, his predistressor.
ORI
Daniel Ortega speaks to Gaddafi daily as does Chavez and both have shown support for his efforts to remain in power and kill his own people in order to achieve that goal. It is not clear yet who the opposition is and what their goals and mandates are beyond replacing Gaddafi, but I'm sure considering the orchestrated efforts outside entities we will be hearing about a new vanguard of pseudo-Democractic movements that have creditials thereby allowing US troops to be sacrificed. The truth is this is a consolidation of the Global Socialist Front and part of the game plan is to purge the left first before moving on everyone else. Gaddafi has served his purpose and is being cast aside, but this is being done by his former supporters just like Saddam Hussein, Osama Bin Laden, and the Teacher's Unions. The Socialist tend to send the useful idiots to the trash heap starting with their own creations first, then they move on.org to the rest of us.
Unclear about the Global Socialist Front -- who is this and what is their agenda? Isn't it just about the crowded commodity poor countries (relatively) attempting to ensure the flow of supplies from the sparsely populated commodity rich countries?
Or could it be about revenge for embarrassing the UK by blackmailing them into releasing the Lockerbie bomber?
Tadawful Index. ha ha!
The Saudi stock market already dropped 80% from 2007. It's not like the Saudi index entered a bear market just now, all this started/happened many moons ago.
ZeroHedge Users,
Please Feel Free To Use this chart,
http://chart.ly/nfb69u2
Regards to Tyler Team,
Hugo,
The Saudis will be the next to have massive unrest. It is like Baharian there, where Shi'ites are second class citizens.
So the Euro is the flight to quality choice?!? How long until Spain gets its massive bailout?
Can't imagine what it must be like to have a million in the Egyption stock market and have to grovel with the poor folk for their next meal. When the market finally opens the margin calls will be a bitch.
The Game Plan is simple: Ben's balance sheet is stretched tighter than Joan Rivers' face.
To alleviate the strain and get outside dollars to come home, unrest in tin-pot dictatorial regimes is being fostered. The more chaos ensues, the more likelihood those dollars come home. Ben's other problem is that some choose not to put that capital into US paper, but valuable commodities.
Ben's balance sheet is stretched tighter than Joan Rivers' face.
Priceless!
ORI
I thought today was all about the new IPAD.....come on people....toys toys toys first...
First Division Im Spanish,
We are in default -Spanish Saving Banks + Spanish Sovereign+ but no one wants to admit it in the financial community,
Our Government, SubGovernment and Townhalls are without a penny, but we need to have the bailout to avoid a massive contagious effect to German Banks (Specially Deutsche Commerzbank und the Landesbanks),* Just look Portugal and Spanish 10 years bonds.
Our banks doesnt want to recognise that the Real Estate still overvaluated like 30-60% depending the location of course.
Ive never seen in the recent history such market manipulation to keep alive the EURO when everybody knows EURO must be quoting like 0.78-0.88 EURUSD no 1.38...but this is the magic of the Central Banks Sorcery.
Have a good trading day, in this scam financial market.
Hugo, Spain has a lot of gold from it's Conquistadore days does it not? AS does most of conquistadoring europe.
Perhaps the mark to market of EU member banks gold is the saviour? Or does it reside on the ECB books?
And EURUSD should be 0.78? In that case you are saying the dollar is a legitimate currency, which it isn't.
ORI
Institutionally we have sold in 2006 according to "Washington Agreement" our Central Bank GOld Reserves,
Germany has not done and has kept all the Physicall gold since 2006, and still has bought from Italy and Turkey.
Regarding Conquers Ages...Spain has changed so much and worsening cos our productivity is decreasing in marginal terms + our inflation makes our economy one of the worst in competitiveness.
What ever we have nice beaches, food, weather and people...but again the problem in Debt Linked to Real Estate and Real Estate Prices...(the bubble hasnt exploded to keep the "Second Leg Stress Test" perfect for Basel III....(Smokescreen´s time)
We need a big collapse in the Real Estate market or this gonna be a big farce , all done by Realtors, Audits and Financials...
Institutionally we have sold in 2006 according to "Washington Agreement" our Central Bank GOld Reserves,
Germany has not done and has kept all the Physicall gold since 2006, and still has bought from Italy and Turkey.
Regarding Conquers Ages...Spain has changed so much and worsening cos our productivity is decreasing in marginal terms + our inflation makes our economy one of the worst in competitiveness.
What ever we have nice beaches, food, weather and people...but again the problem in Debt Linked to Real Estate and Real Estate Prices...(the bubble hasnt exploded to keep the "Second Leg Stress Test" perfect for Basel III....(Smokescreen´s time)
We need a big collapse in the Real Estate market or this gonna be a big farce , all done by Realtors, Audits and Financials...
Thanks Hugo. need to look up the Washington Agreement.
And yes, the RE bubble in spain...all those pale english people looking for a tan. Not good, visually or other-wise! ;-)
ORI
He is the Charlie Sheen of Dictators.
Maybe Dear Leader can give Qaddafi some sort of recess appointment. Make him the Horny Old Nursing Czar or some shit. More insanity. http://thecivillibertarian.blogspot.com/2011/03/community-solutions-czar...
Before the S. hit the fan the Saudi market cap was around $400b. So we have lost 1/4 of that. The other regional markets have been hit as well. So far this has cost at least $200b in market cap losses for just these markets. This is a big deal.
And it's going to get worse.....
This almost looks pre-planned and orchestrated.......naaaah....couldn't be. Cui bono!
It's orchestrated alright. Just ask Obama, Breszenski, or Kissinger.
http://www.bloomberg.com/news/2011-03-02/global-food-crisis-was-worse-in...
The perfectly sound of economic logic of: food shortages won't be as bad this year because the price isn't as high. Nevermind price is a rationing device.
Fattest nation vs the Slimmest in the no fry zone.
What's going to happen to drive through at Mikee Dees if oil goes to $200?
More bicycle racks.
The saudi government isnt going to fall anytime soon. This will be a good investment opportunity as hysteria peaks.
careful with saudi cds, they have no debt to default on.