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Critical ECB Meeting, SNB Steps Aside

May 06, 2010
The European Central Bank meeting today is critical. As is its pattern, it holds two meetings a year outside of Frankfurt. Today’s meeting is in Lisbon, which is one of the local governments (five in all) that Moody’s put on credit-watch yesterday for a possible downgrade alongside the sovereign. To be sure, what is at stake here is not so much a …
Critical ECB Meeting, SNB Steps Aside Critical ECB Meeting, SNB Steps Aside Reviewed by Marc Chandler on May 06, 2010 Rating: 5
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Capital Market Developments

May 06, 2010
The US dollar remains firm against most of the major currencies today as the participants await the ECB meeting, which given the events in Europe, is the most important meeting arguably since 2008.
There are three currencies that stand out today. First, sterling is independently heavy. A weak CIPS service PMI (55.3 vs 57 expected and 56.5 in March…
Capital Market Developments Capital Market Developments Reviewed by Marc Chandler on May 06, 2010 Rating: 5
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Moody's, Protest in Athens turns Violent, Euro Moves below $1.29

May 05, 2010
News that Moody's has put Portugal's debt on review for a possible downgrade to the AA2 rating has pushed the euro to a new low for the move. Moody's says a 1 or 2 notch downgrade is possible. As we have noted, the rating agencies, and in particular Moody's seems way more optimistic on the debt quality than our proprietary models a…
Moody's, Protest in Athens turns Violent, Euro Moves below $1.29 Moody's, Protest in Athens turns Violent, Euro Moves below $1.29 Reviewed by Marc Chandler on May 05, 2010 Rating: 5
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Norway Hikes, but Sounds more Neutral

May 05, 2010
Norway's central bank, the Norges Bank, hiked key deposit rate by 25 bp today to 2%. It was a close call in terms of opinion surveys and the bank's board did consider keeping rates on hold. I had favored that scenario given some softness in recent data and the ongoing market turmoil.
The Norges Bank hiked rates twice in Q4 09 and this is t…
Norway Hikes, but Sounds more Neutral Norway Hikes, but Sounds more Neutral Reviewed by Marc Chandler on May 05, 2010 Rating: 5
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Second Verse Same as the First: European Debt Crisis Continues

May 05, 2010
There is one major force at work in the global capital markets and it remains the European debt crisis. The basic concern is that the debt dynamics present not simply a liquidity crisis but a solvency issue. The latter point is underscored by the poor growth prospects in the periphery of Europe, which in turn also reflects underlying competitive i…
Second Verse Same as the First: European Debt Crisis Continues Second Verse Same as the First: European Debt Crisis Continues Reviewed by Marc Chandler on May 05, 2010 Rating: 5
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