RANSquawk

Daily US Opening News And Market Re-Cap: November 15

  • Debt turmoil and political uncertainty in Spain and Italy witnessed widening of the Spanish/German and Italian/German 10-year government bond yield spreads, despite decent T-Bill auctions from Spain. Also, yield on the Italian 10-year government bond breached the key 7% level to the upside
  • According to the ZEW, there will be at least one negative quarter in Germany, most likely in Q1 2012
  • BoE's King said he expects inflation to fall back sharply in the next 6 months, and will reach around the BoE’s target by the end of 2012
  • SNB’s Jordan said that the SNB would act if the economic outlook and deflation trends demand

Daily US Opening News And Market Re-Cap: November 14

  • Mario Monti was handed the task on Sunday night of forming an emergency government led by technocrats
  • The Italian/German 10-year government bond yield spread widened despite a well-bid BTP auction from Italy, as concerns surrounding the Italian debt remained in focus
  • According to IFR, European banks are planning to dump more of the EUR 300bln they own in Italian government debt. Also, president of the European Banking Federation said that Europe’s banks need to keep dumping Italian banks
  • The EFSF denied a Sunday Telegraph report that it spent more than EUR 100mln buying its own bonds after failing to achieve its funding target as a sale last week
  • The Swiss economy minister warned against exerting pressure on the SNB to weaken the currency

Daily US Opening News And Market Re-Cap: November 11

  • Trading volume remains thin as Veterans Day in the US and Armistice Day in Europe is being observed
  • The new Greek government, led by ex-ECB vice president Papademos, is expected to be sworn in at 1400GMT today
  • The Italian Senate approves budget measures. According to the PM’s office, Italy’s cabinet will meet on Saturday evening at around 1700GMT, after the lower house votes on a financial stability law
  • Market talk that the ECB is buying the Italian and Spanish government debt
  • Merkel's CDU party's general secretary said that the party is poised to back a motion at its annual party congress on November 13th-15th to offer states a "voluntary" means of leaving the Eurozone