Market Comment: March 13

By / March 13, 2012

Good morning, Markets are positive, save for precious metals, and the Canadian dollar is strong this morning following positive economic data in Europe and the United States.  Meanwhile, trading volumes have been anemic to begin the week; the lowest daily level of shares was exchanged yesterday since Bloomberg began compiling the data in 2008. German… Read more

Market Comment: March 12

By / March 12, 2012

Good morning, Markets are quiet as we begin another week, even following the ruling from the ISDA Determinations Committee, which declared the Greek PSI debt swap a “Credit Event”, triggering CDS payouts. China had a big miss in its February trade balance over the weekend, reporting a deficit of $31.5bln vs. the expected $5.2bln deficit. … Read more

Market Comment: March 09

By / March 9, 2012

Good morning, The main news driving markets this morning is the sigh of relief following the announcement that the Greek PSI deal passed, with 85% of private bondholders agreeing to a massive haircut and bond swap (no doubt the remaining 15% are hedge funds who hedged themselves with CDS expecting full repayment).  With private Greek… Read more

Market Comment: March 08

By / March 8, 2012

Good morning, As anticipated, the European Central Bank decided to maintain overnight interest rates at 1.00%.  The Euro remains unchanged even after scathing comments from ex-ECB board member Juergen Stark: “the balance sheet of the euro system isn’t only gigantic in size, but also shocking in quality,” pointing out that the quality of collateral posted… Read more

Market Comment: March 7

By / March 7, 2012

Good morning, Markets have caught a bid this morning following news that investors with nearly 40% of Greek debt have agreed to participate in the PSI swap, though still short of the necessary 75%.  A group of 30 investors holding €81bln have agreed to swap their bond holdings ahead of tomorrow’s deadline.  Markets are showing… Read more

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