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French Auction Fails To Sell Max Projected As Bid-To-Cover Plunges

Tyler Durden's picture




 

French 10Y bond spreads had widened almost 50% (from 100bps to 149bps) in the last week of trading ahead of this critical auction and the EURUSD is over 200pips lower. The auction results are in and it is not a total disaster but the bid-to-cover dropped significantly to its lowest since October 2010 and they missed their maximum target.

*FRANCE SELLS TOTAL EU7.963B VS MAX TARGET EU8B OF BONDS

*FRANCE SELLS EUR4.02 BLN 3.25% 2021 BONDS; YLD 3.29%

*FRANCE SELLS EUR690 MLN 4.25% 2023 BONDS; YLD 3.5%

*FRANCE SELLS EUR1.088 BLN 4.75% 2035 BONDS; YLD 3.96%

*FRANCE SELLS EUR2.165 BLN 4.5% 2041 BONDS; YLD 3.97%

*FRANCE SELLS 2021 BONDS AT AVE. YIELD 3.29% VS 3.18% DEC. 1

*FRANCE 2041 BOND BID-TO-COVER 1.82 VS 2.26 AT DEC. 1 SALE

*FRANCE 2021 BOND BID-TO-COVER 1.64 VS 3.05 AT DEC. 1 SALE

EURUSD is leaking a little lower and 10Y French spreads are widening modestly but the initial reaction is unimpressive for now.

French Auction results:

French 10Y auction Bid-to-Cover:

French 10Y Bond spreads:

EURUSD is moving down to new lows of the day now:

 

Charts: Bloomberg

 

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Thu, 01/05/2012 - 06:21 | 2034820 Ghordius
Ghordius's picture

"it is not a total disaster" got to repeat this often enoughit is not a total disaster, it is not a total disaster, it is not a total disaster

well, the yields are not that impressive, too

Thu, 01/05/2012 - 06:23 | 2034831 Quintus
Quintus's picture

Not a total disaster but EUR/USD sure isn't liking it.

Thu, 01/05/2012 - 06:28 | 2034839 Ghordius
Ghordius's picture

sure, but since we are in a currency war you just have to remember that they flow back and forth

there is still an incredible amount of MMP USD cash deployed in the EUR system chasing yields, etc. etc.

as I was writing below, one day we will discuss here central bank reserves, then you know we are in the next phase

Thu, 01/05/2012 - 06:51 | 2034878 Michael
Michael's picture

A little nudge for the Santorum plunge;

Creepy Rick Santorum Takes Dead Offspring Home to Show Children

http://www.youtube.com/watch?v=FV4yLwG6cgg

Thu, 01/05/2012 - 07:36 | 2034928 Non Passaran
Non Passaran's picture

I never click on URLs, especially YouTube (mostly crap) if the comment does not contain some textual indication of the vid's value. In this case your comment surprisingly contains such indication and it is telling me the vid must be absolute garbage.

Second, if anyone wants to read about Santorum's inconvenient truth, today's Bloomberg.com exposes him as a beta version of Newt Ging-getting-rich.

Long Ron Paul, long PMs.

Thu, 01/05/2012 - 06:28 | 2034841 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

France must be ring fenced at all costs. I work for an EU council and can tell you the damage a downgrade by those predetory rating agencies would lead to unmitigated disaster. Greece, Portugal et al, were caused by mismanagement and lack of regualtion of the greedy capitalists and fat cats manipulating markets whereever they may choose. France however is the poster boy for a large government, a population with a proper sence of entitlement. It therefore must be saved. We're looking at tighter capial controls right now, I can tell you; as once the predetory capitalists have had their way they move onto the next victim...Well not on my watch!

Thu, 01/05/2012 - 07:03 | 2034890 ZeroPower
ZeroPower's picture

I dont work for a bloated gov agency and can tell you a downgrade of FRA (which is coming, have you seen FRA corporate names {IG} and any sov spreads??) is long overdue and will only bring things back to a certain reality.

Thu, 01/05/2012 - 07:09 | 2034901 Oracle of Kypseli
Oracle of Kypseli's picture

You confuse greedy capitalists with kleptocrats enabled by whore politicians and corrupt regulators.

Capitalism includes failure and bankruptcy instead of bailouts.

The inevitable will happen and it will all come down and only the guillotine will be the great equalizer.

Thu, 01/05/2012 - 07:35 | 2034927 papaswamp
papaswamp's picture

Preditory capitalists...lol! First and formost...capitalism doesn't exist in the world of TBTF and bailouts. So there is no such thing as capitalism going on.

Second...the continued bailing out of govts and banks are done on the backs of the people paying taxes...and in most cases their children and grand children. THis mentality literally makes taxpayers the debt slaves of those being bailed out. Debt being poured on top of new debt in hopes that the economy will miraculously explode higher with everyone able to eventually pay down the debt is sheer madness and a pipe dream. The weight of the debt and low interest rates robs the taxpayer of any wealth potential now or future.

If capitalism had been allowed to work and bad banks and debt default we would already be in a recovery with debt CLEARED. The left over assests would be picked up by the healthy systems. Clearing of debt is the ONLY way to bring prosperity back. THis continued piling of debt at the expense of the people dooms everyone to a long slow decline.

Thu, 01/05/2012 - 07:39 | 2034934 Non Passaran
Non Passaran's picture

My message to your employer: FUCK YOU!

If anyone is manipulating it is the scum from the EU, ECB and their cleptocratic clique. Fuck them all and if this theft continues, may citizens have mercy on their bodies.

Thu, 01/05/2012 - 07:43 | 2034938 Cast Iron Skillet
Cast Iron Skillet's picture

The ratings agencies really fell down on their job when they failed to downgrade Greece, Ireland, etc. in a timely manner (years ago). Had they done their jobs, they would have downgraded those countries much, much sooner, which may have forced the countries to cut spending sooner, saving them from the current catastrophic situation.

France deserves a downgrade now exactly because "France however is the poster boy for a large government, a population with a proper sence of entitlement." - they have spent their way into a huge hole.

Thu, 01/05/2012 - 10:03 | 2035130 IBelieveInMagic
IBelieveInMagic's picture

I think he forgot /sarc

Thu, 01/05/2012 - 08:13 | 2034967 tabasco71
tabasco71's picture

And the poster boy for FrAAnce... DSK.

Proper sense of entitlement.. what the deuce does that even mean in these times - a population that considers they should continue to be able to borrow from the future at the expense of their proles?

That's all well and good when its your own workforce you're exploiting, but now sovereigns are trying to leverage off the efforts of other societies in order to bankroll their internal debt the story is starting to wear thin.

All countries will have to take their medicine.

Thu, 01/05/2012 - 11:02 | 2035176 Reptil
Reptil's picture

Eeehmm and french banks are not capitalists.. how?
The "market" is reacting like this because there's a push for "mark to market" of the debt.
If the governments wouldn't have "protected" the banks, in the early stages of the crisis (2007-2008) the financial system would've had a chance. The bad apples would've been thrown out and there would've been clarity, and settlement. No one had the balls, however.

Ordinairy taxpayers have to suffer (austerity) because of supposedly responsible financial managers have and are still gaming the system, because no one is stopping them.

Except for "the markets". It's their JOB to rate, and hedge. Of course they're predators. What did you think? Everything just comes for free just because you wear a fucking tie? The Hedge funds didn't run up this debt. Corrupt governments in bed with equally corrupt bankers did.
There HAS to be settlement. "Protecting" the banks is not capitalism, nor is it socialism (though socialists all over europe are very confused now that the bailouts turn out to be money thrown towards those same banks, without any further effect), it's FASCISM. And now, now there's some time between the financial crisis, the first round of bailouts, and the present austerity, so many have lost the thread that binds these as cause and effect. It's amazing what propaganda can do.
THIS CRISIS HAS BEEN A SOLVENCY CRISIS FROM THE START, NOT A LIQUIDITY CRISIS, AND HAS BEEN ENGINEERED TO TRANSFER WEALTH FROM PUBLIC ACCOUNTS TO THOSE OF PRIVATE INSTITUTIONS, THROUGH BAILOUTS OF UNSALVAGABLE FINANCIAL PRIVATE CORPORATIONS. Exactly like "TARP" in the USA was nothing but a transfer. We're now following the USA over the edge of the cliff, and we will kill the motor of our economy, the middle class, if this continues.

The EU council are a bunch of idiots, for allowing this to take place in the first place. It was one big corrupt mess and everyone, except a few kept their mouth shut.

https://en.wikipedia.org/wiki/Paul_van_Buitenen
https://www.youtube.com/watch?v=ezGfaOC7TCI

https://www.youtube.com/watch?v=C4mr0qeIpUs

yeah you guys "won" that fight against the whistleblowers, you ignored them, at first and then threw them out... but they were right.

YOU IDIOTS HAVE DAMAGED AND ALMOST KILLED THE EUROPEAN UNION. BY ALLOWING CORRUPTION AND MISMANAGEMENT.

THE PRICE IS A DOWNGRADE, AND DEFAULT. AND SUFFERING OF ORDINAIRY PEOPLE.

your "solution" to this situation is equally corrupt and stupid: instead of crisis management and tightening of controls, the job for which you were hired, even more undemocratic backroomdeals and fingerpointing is coming from Brussels: the "Lisbon Treaty", hailed by your peers as a political accomplishment is nothing but the REJECTED "European Constitution". Rejected because we knew it was a POS.
still the politicians went ahead, without reading it, and now it includes provisions to kill citizens in case of turmoil and revolution. This is duly noted.

And now, now the house of cards is falling apart, now you have the gaul to come here and say french banks must be saved, by repackaging it as "saving the french people" from greedy capitalists?

Europe is still a great idea, and still there is the possibillity to salvage it. But then, there MUST be accountabillity and more democratic feedback loops, because you burocrats obviously are not capable of running the show on your own.

YOU WILL BE HELD ACCOUNTABLE. ALL OF YOU.

 

Thu, 01/05/2012 - 11:10 | 2035390 tabasco71
tabasco71's picture

Of course Europe is important:

 

GDP PPP: 

EU $15tn (20%)

US $15tn (20%)

PRC $10tn (14%)

 

GDP Nominal

EU $18tn (26%)

US $15tn (21%)

PRC $7tn (10%)

 

Thu, 01/05/2012 - 11:06 | 2035374 zero intelligence
zero intelligence's picture

While there are unquestionably greedy capitalists and market manipulators, the reason that France is being kicked around is because you have an 85% debt/GDP ratio, a deficit on the order of 6% of GDP, and you keep making promises to shovel out hundreds of billions of euros of taxpayer monies to bail out the bankers on their failed investments in sovereign bonds of Greece, Italy, Portugal, and other such losers.

Thu, 01/05/2012 - 06:52 | 2034881 The Reich
The Reich's picture

Less than 4% for an almost bankrupt country isn't that bad me thinks.

Thu, 01/05/2012 - 06:24 | 2034822 hugovanderbubble
hugovanderbubble's picture

Austrian Spreads +160

-Deutsche Bank Raising Capital

-COntagious effect risk hyper on

-Italian banks toasted

-Spain Real Estate Fraud

Thu, 01/05/2012 - 06:21 | 2034823 Barry Freed
Barry Freed's picture

The real question is, can Euros be safely used as toilet paper with that shiny metallic stuff on them?

Thu, 01/05/2012 - 06:53 | 2034829 Ghordius
Ghordius's picture

no, they stick to your bum - according to a dear relative of mine the old sterling can be softened and is better for this (more linen), he should have known, he used a stash of nazi counterfeit sterlings in Africa and was delighted - delighted!

but remember, in some future we will discuss here about central bank reserves

Thu, 01/05/2012 - 06:24 | 2034834 The Limerick King
The Limerick King's picture

 

 

The poor Frenchie auction was weak

The Euro is looking quite bleak

With trillions required

And debt buyers tired

These fuckers are all "up the creek!"

Thu, 01/05/2012 - 06:51 | 2034879 Oh regional Indian
Oh regional Indian's picture

nice!

"up the greek" perhaps? It fits the way things are going.

ori

Thu, 01/05/2012 - 06:55 | 2034883 hugovanderbubble
hugovanderbubble's picture

ORI-

ISDA- Credit EVENT

CDS- Trigger Greek Bonds

Portuguese debt junk

Italy cannot pay back debt (principal + interests ) with austerity measures.  Italian people are blind. They must fight - Revolution¡

Thu, 01/05/2012 - 06:59 | 2034887 Oh regional Indian
Oh regional Indian's picture

Hugo, Credit Events ( I prefer to call them Debt Events) have been happening. AIG and 2008 was a huge debt event.....

No one is going to fight until it hits the table. And if .gov becomes the only supplier, there goes that fight too.

This is going to take smarts. Everywhere Poliezi has the bigger truncheon.

ori

Thu, 01/05/2012 - 07:53 | 2034948 BandGap
BandGap's picture

"These fuckers are gonna get Greeked"

Talk about death by a thousand cuts.  France is like an elephant taking spear after spear from the local tribe.

Thu, 01/05/2012 - 06:31 | 2034847 El Gordo
El Gordo's picture

The paper ones are not very absorbent and are rough, but they are cheaper than corn cobs.

Thu, 01/05/2012 - 06:33 | 2034850 ArgentoFisico
ArgentoFisico's picture

Mmmmm... Better to use the dollars. Softer

Thu, 01/05/2012 - 08:42 | 2034940 Manthong
Manthong's picture

Reuters:   “French costs rise but demand solid at debt sale”

Is that opposed to liquid like diarrhea or gaseous like flatulent?

 

Thu, 01/05/2012 - 06:21 | 2034825 littleguy
littleguy's picture

Seriously, when is the S&P downgrade happening?

It's well overdue.

Thu, 01/05/2012 - 06:22 | 2034828 hugovanderbubble
hugovanderbubble's picture

tomorrow with market closed

monday GAP DOWN

Thu, 01/05/2012 - 06:31 | 2034844 Quintus
Quintus's picture

I think it's been cancelled.  All that noise and diplomatically unprecedented fingerpointing at the UK a while ago was clearly the public manifestation of French indignation that their AAA rating was under threat.  Behind the scenes, I imagine vast political effort was simultanously being expended to stop S&P doing anything.

Since the public noise has now ceased and the French politicians are back to their usual smug selves, I can only imagine that the covert pressure has been successful and S&P have backed down.

Thu, 01/05/2012 - 06:56 | 2034884 Ghordius
Ghordius's picture

well, at least we are not at the stage where EuroBanks use one set of rating agencies and the USbanks use another

but yes, the French gov is good at covert pressure and soft removals of enemies

Thu, 01/05/2012 - 07:50 | 2034936 bpom
bpom's picture

Maybe the Yanks agreed not to downgrade _____ if _____ would agree to sanctions against Iran.

Thu, 01/05/2012 - 08:36 | 2034988 Ghordius
Ghordius's picture

you have a sick, sick imperialistic mindset

congrats, you are recruited

Thu, 01/05/2012 - 06:21 | 2034826 hugovanderbubble
hugovanderbubble's picture

FRANCE LOST AAA

Thu, 01/05/2012 - 07:46 | 2034941 Non Passaran
Non Passaran's picture

And you lost your mind.

Thu, 01/05/2012 - 06:23 | 2034833 RobotTrader
RobotTrader's picture

Problem:

Sovereign Debt Fears grip the makets.

Solution:

Dump gold, oil, equities, etc. and buy U.S. Treasuries and Muni-bonds.

.............

This is what Mohammed "Rubber Lips" El-Erian describes as "The New Normal".

Thu, 01/05/2012 - 06:31 | 2034845 The Limerick King
The Limerick King's picture

 

 

Robot is losing his mind

A better Troll you'll never find

If you want some trouble

Just buy the bond bubble

Then quickly lube-up your behind.

Thu, 01/05/2012 - 09:39 | 2035068 LooseLee
LooseLee's picture

First halfway 'intelligent' thing robotard has suggested in many, many months. Let the deflationary wave crash so we can start the inflationary tsunami! Bring all asset classes down to afordable levels so the average Joe can get in and ride the way to profits in the PMs, Energy, and Miners!

Thu, 01/05/2012 - 06:25 | 2034835 hugovanderbubble
hugovanderbubble's picture

Solution:

Mark to Market, period

Thu, 01/05/2012 - 06:28 | 2034838 GeneMarchbanks
GeneMarchbanks's picture

What's that? It sounds dangerous.

Thu, 01/05/2012 - 06:30 | 2034842 hugovanderbubble
hugovanderbubble's picture

No more taxpayers till banks doesnt recognise mistakes.

BANKS must suffer and reset,

 

Thu, 01/05/2012 - 06:30 | 2034843 Ghordius
Ghordius's picture

it is dangerous, it instantly kills unicorns, fairies and banks

it's like pushing thousands of Corzines out of the window, who would want that?

Thu, 01/05/2012 - 06:34 | 2034852 hugovanderbubble
hugovanderbubble's picture

Time to crash Ghordius,

Euro will be toilet paper sir, change ur pic¡

 

Thu, 01/05/2012 - 06:42 | 2034859 Ghordius
Ghordius's picture

eventually, all fiat returns to the intrinsic value of zero

eventually, all humans return to dust

on a long enough timeline, the survival rate for everyone drops to zero

still, I'm quite sure the EUR will live longer than you or me (though I think? hope? fear? I'll be an EUR millionaire)

the real intrinsic value of the EUR is to restrict/forbid monetary fights between members of the EuroZone

you know what? I endorse this policy

Thu, 01/05/2012 - 06:43 | 2034867 hugovanderbubble
hugovanderbubble's picture

the problem is USD is not safe neither,

just a matter of time of GLOBAL FX collapse.

Thu, 01/05/2012 - 06:46 | 2034870 GeneMarchbanks
GeneMarchbanks's picture

Do not dare. Now prepare for a lecture from RoboTarder about insatiable demand for "Gorilla Paper"

Thu, 01/05/2012 - 06:52 | 2034880 hugovanderbubble
hugovanderbubble's picture

Robo is a nice guy,

just needs his meds:)

Thu, 01/05/2012 - 07:50 | 2034944 Non Passaran
Non Passaran's picture

Yeah, right...
And you "know" that how?

Thu, 01/05/2012 - 11:09 | 2035386 zero intelligence
zero intelligence's picture

On a long enough timeline, gold is the same as it ever was.

Thu, 01/05/2012 - 06:42 | 2034865 StychoKiller
StychoKiller's picture

Hmm, Corzines -- is that some sort of unit of measure for fraud?

How many MegaCorzines is the Euro churning out, right now?

Thu, 01/05/2012 - 07:52 | 2034947 Non Passaran
Non Passaran's picture

I think the Corzine would be a big unit, like the Tesla or Sievert, so current rating in the EU would read like 655 mCz.

Thu, 01/05/2012 - 09:06 | 2035023 Mitzibitzi
Mitzibitzi's picture

Does that work like Ohm's Law? The amount of fraud measured in Corzines, the amount of money involved in Blankfeins and the resistance to giving any of it back in Dimons?

I guess that means the unit for Corruption Power is the 'Goldman'.

Thu, 01/05/2012 - 06:33 | 2034849 hugovanderbubble
hugovanderbubble's picture

Austria gonna burn like Rome....

http://www.bloomberg.com/apps/quote?ticker=GAGB10YR:IND

WIEN ALERT¡ACHTUNG

Thu, 01/05/2012 - 06:36 | 2034855 Ghordius
Ghordius's picture

eh, be cheery! last time Austria burned (thanks to the Kreditanstalt) the world got Ludwig von Mises

Thu, 01/05/2012 - 06:41 | 2034864 hugovanderbubble
hugovanderbubble's picture

i feel scary about raifhaissen bank debt exposure

http://www.raiffeisen.at/eBusiness/rai_template1/1006637000974-NA-NA-NA-1-NA.html

 

ERSTE BANK the next one to crash,

then.

Austrian Bonds are just JUNK, of course Spanish and ITalians are junk too

Thu, 01/05/2012 - 06:43 | 2034868 GeneMarchbanks
GeneMarchbanks's picture

And the world has been ignoring him ever since...

Thu, 01/05/2012 - 06:46 | 2034872 Ghordius
Ghordius's picture

because empires need a different monetary foundation than what the real wealth-producing economy needs?

Thu, 01/05/2012 - 06:50 | 2034876 GeneMarchbanks
GeneMarchbanks's picture

Um... don't play coy, but that would be an affirmative.

Thu, 01/05/2012 - 06:49 | 2034874 hugovanderbubble
hugovanderbubble's picture

US will never accept Austrian School principles,( i mean the Federal Reserve)...

so Von Mises ideas are pure idealistic in current enviroment , with current debt exposure and CF generation

Thu, 01/05/2012 - 06:54 | 2034882 GeneMarchbanks
GeneMarchbanks's picture

Hopefully the upcoming Minsky Moment will be powerful enough to reverberate for many generations to come. Secretly, I'm hoping the Mayans are proven correct.

Thu, 01/05/2012 - 07:03 | 2034889 Ghordius
Ghordius's picture

I'm reading up on Minsky, but I still have not found the right book?

I mean he differed not that much from the Keynesians but with the insight that there are moments when the price structures softens.

Which makes sense to me, I'm reading it in the way that there are several prices where we can safely assume they won't have the same level next year and again a completely different level the year later - since the coins could fall "either heads or tails" in several situations. Or?

Thu, 01/05/2012 - 07:14 | 2034905 GeneMarchbanks
GeneMarchbanks's picture

Forget books all you need is online.

http://www.levyinstitute.org/pubs/wp74.pdf

Start there, the wiki page pretty much sums up the (important) work. Steve Keen and his books might help also.

Thu, 01/05/2012 - 07:33 | 2034923 Ghordius
Ghordius's picture

Great! Thanks for your fractal kindness

hemm... I keep seeing things in your avatar...

Thu, 01/05/2012 - 06:33 | 2034851 Eos
Eos's picture

Guys cvan anyone post a calendar for this stupid auctions like you did about two months ago for nov and dec? that would be really helpfull stuff!

Thu, 01/05/2012 - 06:38 | 2034860 Dick Darlington
Dick Darlington's picture

*HUNGARY FAILS TO RAISE PLANNED AMOUNT OF DEBT AT T-BILL AUCTION

*HUNGARY SELLS HUF35 BLN IN T-BILLS VS. HUF45 BLN PLANNED

*HUNGARY SELLS HUF35 BLN 1-YEAR BILL; YIELD 9.96%

*HUNGARY BILLS BID TO COVER 1.19

Next on the line: Austria.

Thu, 01/05/2012 - 06:46 | 2034871 hugovanderbubble
hugovanderbubble's picture

After Austria------------Netherlands - Finland and Germany

GAME OVER

Thu, 01/05/2012 - 07:57 | 2034953 Non Passaran
Non Passaran's picture

Pure nonsense!

Viable countries will use the power of the press or law to tune outcome in their favor.
And Germany (as well ad others) can exit the euro.

I am long PMs, but I am not delusional.

Thu, 01/05/2012 - 07:06 | 2034893 Quinvarius
Quinvarius's picture

Good thing the US Fed is around to soak all that garbage up.

Thu, 01/05/2012 - 07:07 | 2034894 Irish66
Irish66's picture

Good Morning Everyone,

I see we have started the day with OATS.

Thu, 01/05/2012 - 07:07 | 2034897 ZeroPower
ZeroPower's picture

The EUR isn't taking a breather as more lows, but soon as we close below the 2011 lows there should be a nice bounce to re-short into. Dont trade FX, but using EURUSD for credit/equity entries is quite useful. 

Thu, 01/05/2012 - 07:26 | 2034915 15horses1donkey
15horses1donkey's picture

Is it just me, or does the negative media focus (including ZH) always seem to be on the stronger countries and groups, and not on the weaker? Ie. Isn't France / EU in a generally better net situation than the US, UK, or Japan? It seems fortunate that they are still selling bonds, even after a frankly astonishingly heavy campaign of negativity, irrespective of any fundamentals.

Thu, 01/05/2012 - 07:33 | 2034924 Spielbank
Spielbank's picture

...the media always want to focus on one specific prob - now its Italy,France,...

but we re all in this fiat system,..and US,UK or Japan are suffering more than Austria for example...

 

Thu, 01/05/2012 - 07:31 | 2034921 I am Jobe
I am Jobe's picture

Boeing Will Lay Off More Than 2,100 Workers At Wichita Plant

http://seattle.cbslocal.com/2012/01/04/boeing-will-layoff-more-than-2100...

USa not far behind in the failure of bonds. Just keep pretending.

2012 on, Christmas will suck big time. No more toaster sale..Screw the IPADS and crap.

 

Thu, 01/05/2012 - 08:00 | 2034956 Non Passaran
Non Passaran's picture

One funny fact of this week is that the EFSF 10yr yield is now visibly lower vs. France-Germany 10yr spread.

To me that means no one takes the EFSF seriously any more. Possible outcome: more QE in the EU.

Thu, 01/05/2012 - 08:00 | 2034957 dragoneyes74
dragoneyes74's picture

Do we have to raise the debt ceiling in order for Bernanke to do QE3?  Or can he just fire at will?  

Thu, 01/05/2012 - 08:08 | 2034960 Irish66
Irish66's picture

FTSE/MIB down 498

Thu, 01/05/2012 - 08:35 | 2034986 Boilermaker
Boilermaker's picture

WSJ:

France Clears Bond Auction

France raised almost the maximum intended amount at a key bond auction, shrugging off concerns that the country was poised to lose its top credit rating."

OH, OK.

Thu, 01/05/2012 - 11:25 | 2035445 Archduke
Archduke's picture

Cnbc also labels this a "firm demand".  opinions vary.

Thu, 01/05/2012 - 09:28 | 2035046 MFL8240
MFL8240's picture

Not a total disaster when you consider that the entire US auctions are being sold to Bernanke and his clown show!

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