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European Funding Pressures Spike Most In 14 Months
One of the most important indicators of stress in the financial markets of Europe during the heady days of the crisis was the EUR-USD basis swap. Simply put it is an indication of the trouble that European banks are having funding themselves. Thank to the LTRO and a wash from the ECB, it has been largely off the radar for most media types. However, we note that today the 1Y EUR-USD basis swap smashed lower (more stressed) by the most since December 2011 and is at its most stressed since November. It seems trouble, no matter how much Draghi promises, is not too far under the surface...
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He is standing on his head.
What the puck is going on in here?
And nice downshirt on the giant bazumbas in the Bad Idea T-shirts Ads. Good job, Google, how did you know I was thinking about boobs?
I wonder if this result was part of the EU central planner's vision.
What, the boobs? If so it's the first thing I've ever agreed with them on!
I turn OFF my adblock when I come here. ;)
I keep mine off so I can come in here.
"Google, how did you know I was thinking about boobs?"
I think that was the very first line in the GOOG adsearch loop:
IF subject = male THEN content = boobs
It's not the fall that'll kill ya. It's the sudden stop.
Deccelaration shock? Or Cement poisioning? Either one is bad.
Ben just needs to send more money to the ECB undercover. Problem solved. It's not like congress is gonna stop Ben after all... most probably think it's good since it helps stop a worldwide economic collapse.
Ummm....the worldwide economic collapse has already occurred. You seem to be confusing economics with markets which, by the way, no longer exist. In place of markets, what we have now is a global cosmic bunny hole...going super nova...instead.
The bond market is having nothing to do with the stock market. T-10s off 3.12%
I don't understand why PMs didn't move up farther. If this event isn't a giant lesson of "if it's not in your hand you don't really own it" then I don't know what is.
P.Ms will move higher as soon as the banks reopen in Cyprus.
fucking green close for the dow.
bravo
this market has no semblance of reality. None.
It is genuinely laugh out loud funny.
LOL EOD
yes, I'm having one of those more frequently.
if we can't laugh anymore, I get really worried
At this point, the crazier the better, the depravity of it more and more evident to all. Something will trigger the accident soon enough. We're not talking years any more.
The FED is already printing 100 billion to re-capitalize Cyprus. Check's in the mail.
jb
cnbc can't pitch what a crazy day it has been enough. Just absolutely crazy. pandemonium....everyone stay tuned...
looks like we are going to close up 8 points....
Totally and completely off-topic, for which I sincerely apologize, but I don't know any better place to go for an answer to this question: Can the IRS charge your credit card for what you owe them without your authorization? Settle the argument, please.
paypal gets to do it, why not the IRS? in other words, do not presume they can't.
I would say no, but there are no rules any longer. I do know I would never make a payment on that credit card again unless they reverse it.
No. They can freeze your bank accounts or seize personal/business property but they cannot obligate you contractually to your credit card holder, (charge your credit card without your permission).
by "trouble funding themselves" does this mean contagion is spreading and people are pulling their deposits in other euro countries or something else?
The whole thing is so fragile that a fart of an economy the size of Cyprus can have an impact like that
Good one.
ekm I know you think we are down to a matter of weeks now before a PD bites it or an 87 style hit happens but you don't seem to be buying this either.
Correct. I don't buy it at all.
It's the White House who decides, either by logic or forced.
The cat is well and truly out the nosebag in the stable.
If the sheeple don't realise whats planned for them now,their DNA needs to
be removed from our ecosystem anyway.
slapshots from the top of the circle can be a real bitch with no helmet or face shield...
Surely you jest. And of course you know the answer no, for now.
just print more...that is the way we do it.
the best part of the day was how cnbc was saying before the close , will we finish green, or will we continue this ''selloff'' for 3 straight days.
sell off? sell off? are they fucking serious? even if we would have finished red, it would have been 3 straight days where the dow did not even lose 100 pts combined, yet they have the fucking nerve to say ''selloff''?
i cant wait for bens speech tomm, that should pump the market up 4 plus percent. no fucking reality in these markets.
also, the market has not factored in cyprus one bit, but dont worry, if there is some type of bailout agreed on, the market will act like it had sold off sharply due to it and buy back a ton.
but the Dow is green, who cares about all this Euro crap... Euro this, Cypress that, blah blah just by the dip, every fukn dip.... /sarc off
well, cyprus is clearly a non-event...................move along now..............buy stocks...........they are undervalued based on completely manipulated bond yields..............................
Weekly chart not looking good for the EUR/USD.
Do$$ar parity to Euro coming soon?... or will the EU crash the party['s] luv fest?
Euribor got hit at 3pm UK time, which was after Cyprus rejected the bail in. The timing therefore suggests this move was a result of something else, maybe contagion of the crisis to the wider eurozone. Front month was down more than back which, as the article suggests, means the demand for euros is immediate.
Eurodollar strip was also down although not as pronounced.