Just for fun, instead of fiat money I'm investing in the real money. Lol
Anyways is anyone knows about Davit?
Anyways is anyone knows about Davit?
KRD
1
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Top Global News
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Looking at Asian markets, stocks traded mostly lower following the lacklustre lead from Wall Street, where all 3 US majors closed marginally negative amid a lack of demand and drivers heading into Christmas. ASX 200 (+0.5%) outperformed with the index led by strength in financials, although weakness in the energy sector following yesterday's unexpected DoE inventory build capped upside in the index. Nikkei 225 (-0.1%) mirrored the losses in its US counterparts, while both Shanghai Comp. (+0.1%) and Hang Seng (-0.8%) were also pressured as tight liquidity and default concerns dampened sentiment, despite efforts by the PBoC to inject funds and support lending. 10yr JGBs traded higher amid the risk averse tone in Japan, while the curve continued to steepen alongside outperformance in the short-end. Japan's Cabinet approved FY17/18 budget spending plan which is at a record amount of JPY 97.5trl. PBoC injected CNY100bIn in 7-day, CNY 70bIn in 14-day and CNY 50bIn in 28-day reverse repos. (Newswires) PBoC set mid-point at 6.9435 (Prey. 6.9489).
Top Asian News
In Europe, it has been one of the quietest sessions of the year so far in terms of newsflow, and stocks are modestly down on the day (Euro Stoxx 600: -0.2%); 4 of 19 Stoxx 600 sectors rise, 51% of Stoxx 600 members decline, 46% gain. Outperformers include healthcare, while Sanofi and Actelion are both among the notable movers after the latter decided to enter discussions with J&J as oppose to Sanofi. Elsewhere, bunds have done little this morning to trade modestly lower with no notable price action in the periphery.
European Top News
Monte Paschi Said Headed for Nationalization After Sale Failure; that would be the countrys biggest bank nationalization in decades
Brexit and Politics Cast Shadow Over U.K. After Tumultuous 2016; long-predicted Brexit slump may finally arrive
U.K. Consumers Are Feeling Gloomy About the Economic Outlook; excluding sharp drop after Brexit referendum, its at lowest reading in almost four years
Wilbur Ross Seen Cutting Bank of Cyprus Ties to Work for Trump; private equity firm that bears his name is under no obligation to sell its stake
Trash-to- Treasure Train Keeps Austrians Warm at Romes Expense; Roman garbage will help generate more than 550,000 megawatt-hours power
Rally in U.K. Inflation-Linked Bonds Seen Losing Steam in 2017; U.K. linkers have returned about 21 percent this year, set for the biggest gain since 2011
In currencies, the Bloomberg Dollar Spot Index was little changed after falling 0.1% Wednesday, but is still on course for a gain of more than 3 percent this year. The yen was unchanged percent at 117.52 per dollar after appreciating 0.3 percent Wednesday. The euro climbed 0.3 percent to $1.0450. The New Zealand dollar was up 0.1 percent after the countrys gross domestic product report, while the Swedish krona added another 0.3 percent after gaining in Wednesday after the Riksbank extended its quantitative easing program into next year.
In commodities, West Texas Intermediate crude oil stabilized at $52.50 a barrel Thursday after dropping Wednesday by 1.5 percent, its first slide in a week. Ever tightening trade seen in all markets, but we see Gold prices softening slightly in line with the USD bid. Base metals are doing very little as anticipated, while Oil prices have stabilised after yesterday's post DOE hit. Modest losses seen here, with a little more downside seen in am London, but front month WTI is still only a touch over 1 USD off better levels seen at the start of the week.
US Event Calendar
Ahead of the announcement, the banks subordinated bond risk has risen to a record high. Monte Paschis 379 million euros of junior notes due in September 2020 fell 2 cents on the euro to an all-time low of 46 cents. Credit swaps insuring the banks junior bonds for five years imply a 70% chance of default, data compiled by CMA show; it remains to be seen whether ISDA would treat yet another nationalization by the government, which is expected to take at least a 50% equity stake in the bank, as a credit event.
State intervention and a hit to bondholders is the most likely scenario for Monte Paschi, Manuela Meroni, an analyst at Intesa Sanpaolo SpA wrote in a note to clients Thursday. "The solution to the Monte Paschi issue could reduce the systemic risk for the sector," Meroni wrote.
Bloomberg notes that if government funds are used in the banks recapitalization, bondholders will probably have to take losses under European burden-sharing rules, however the specific terms of the "bail in" are still to be formalized. The cabinet is considering a so-called precautionary recapitalization that may reduce the potential losses.
The bigger problem for Monte Paschi, is the recent plunge in deposits, which as reported yesterday has suffered a 14bn rush of deposit outflows in the nine months from January to September this year 11 per cent of its total deposits, as shown in the following FT chart.
http://www.zerohedge.com/sites/defau...deposits_0.jpg
Should the nationalization fail to stem the bank run, either at Monte Paschi, or other Italian banks, more bailouts are imminent.
Ahead of the announcement, the banks subordinated bond risk has risen to a record high. Monte Paschis 379 million euros of junior notes due in September 2020 fell 2 cents on the euro to an all-time low of 46 cents. Credit swaps insuring the banks junior bonds for five years imply a 70% chance of default, data compiled by CMA show; it remains to be seen whether ISDA would treat yet another nationalization by the government, which is expected to take at least a 50% equity stake in the bank, as a credit event.
State intervention and a hit to bondholders is the most likely scenario for Monte Paschi, Manuela Meroni, an analyst at Intesa Sanpaolo SpA wrote in a note to clients Thursday. "The solution to the Monte Paschi issue could reduce the systemic risk for the sector," Meroni wrote.
Bloomberg notes that if government funds are used in the banks recapitalization, bondholders will probably have to take losses under European burden-sharing rules, however the specific terms of the "bail in" are still to be formalized. The cabinet is considering a so-called precautionary recapitalization that may reduce the potential losses.
The bigger problem for Monte Paschi, is the recent plunge in deposits, which as reported yesterday has suffered a 14bn rush of deposit outflows in the nine months from January to September this year 11 per cent of its total deposits, as shown in the following FT chart.
http://www.zerohedge.com/sites/defau...deposits_0.jpg
Should the nationalization fail to stem the bank run, either at Monte Paschi, or other Italian banks, more bailouts are imminent.