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Morning All.
Here is some stuff Reynard the Fox found interesting today.
Global macro:
- Fitch attempts to put a cost on Basel III – FTAlphaville
- As JP Morgan reminds us how things can go awry with the big banks here is an article in FTAlphaville on the under-collateralisation of derivatives and the impact of regulatory changes – here
- Gold has lost its lustre – Globe and Mail. It did bounce of important support in the past two days though and was up overnight.
- The carry trade is back in forex Markets – HSBC via FTAlphaville
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United States:
- The Facebook IPO is still building momentum – Bloomberg
- US setting tariffs on Chinese solar imports – Reuters
Europe:
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- Fitch has downgraded Greece to CCC on the basis its membership of the EU is looking unsustainable – Reuters
- UK Prime Minister Cameron on the Greek debacle, “Support Greece or see Euro fail” – The Independant, reuters via the Huff Post
- National Bank of Greece had negative equity at year end – CNBC
- The banks are crumbling in Greece – UK Telegraph
- The Guardian reckons the cost of a Greek exit is going to be USD 1 trillion – here Reuters says Hundreds of billions – here
- BBC on Greek banks, the euro and the ECB – here
- Spanish bank run on Bankia – Reuters – Spain denies it AFR
- Save the Union (In Europe) – BBH currency guru Marc Chandler via Business Insider
Asia:
Local:
- Commonwealth Bank head repositions CBA as a long term player – straight out of Bendigo Adelaide Bank boss playbook. – Elizabeth Knight
- Greek fears hitting funding costs – AFR
- Holden secures US export deal – SMH. Go Australian manufacturing, even if it is US owned.
- WA setting up State Wealth Fund – The Oz
Interesting/Other stuff:
- My excuse for all the Coffee I drink – It makes you live longer. The Atlantic
- Wiggles overhaul – The Oz
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