Month: August 2011

Why did the shares in European Banks and BoA collapse?

It’s Jackson Hole time again. The best of the best are gathering to, as MarketWatch describes it, ‘brainstorm’ ways of dealing with the economy. God help us. MarketWatch goes on to exclusively reveal that, “The biggest puzzle of all is the sudden demise of the U.S. recovery. Sometimes there is no satire nor irony strong enough. Two rounds …

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The Swiss central bank and the FED combine to drive Europe down further.

There are days when the bourses fall heavily. And there are days when they jump off a cliff. Today is looking more like the latter. The catastrophic slaughter of European bourses, led by Europes’ Insolvent Banks, continues. London    -5.3%Paris         -4.2%Frankfurt  -5.07%All the rest heading to or already above 5% Banks are …

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Euro bank funding. Berlin/Washington DC animosity escalation. Some Sunday night speculation

I think we are going to see European bank funding, both short term (overnight) and the coming wave of bond/debt to be rolled over, becoming intensely political. The political battle is between Washington DC and Berlin, with the ECB in the middle. This battle will start once the spiralling funding needs of Europe’s private banks …

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Bank losses and Fire sales confirmed and spreading.

Quick update – Banco Pupular, Spain’s third largest banking group, has just announced that it will sell “non-strategic assets”. In Italy All three of Italy’s big banks (UniCredit, Intesa and Banca dei Monte Pasci) have had their stocks stopped yet again this morning. While in France Soc Gen which already fell 15% on Wednesday is down …

Bank losses and Fire sales confirmed and spreading. Read More »