Bund, Tbond e la matrixiana allo yen vm18 (2 lettori)

[gipa69]

Quelle che preoccupa il mercato è perchè tutta questa paura sulla liquidità....

Bank of Japan, RBA Boost Funds to Ease Credit Crunch (Update2)

By Keiko Ujikane and Saburo Funabiki


The Bank of Japan headquarters in Tokyo. Aug. 10 (Bloomberg) -- The Bank of Japan added 1 trillion yen ($8.5 billion) to the financial system and the Reserve Bank of Australia lent the most in more than three years, joining U.S. and European central banks in responding to a credit crunch.

The Japanese central bank's largest provision of funds since June 29, helped bring the overnight call loan rate to 0.5 percent after it climbed to a four-week high of 0.56 percent, according to Tokyo Tanshi Co. Australia's central bank loaned A$4.95 billion ($4.2 billion), the most since at least January 2003. Central banks in the Philippines, Indonesia and South Korea said they are ready to provide more cash if required.

``It's the threat of liquidity drying up that's prompting the major central banks to make these reserves available,'' said Arjuna Mahendran, chief Asia strategist at Credit Suisse Group in Singapore. ``All central banks are on standby but Asian markets don't have very deep exposure to bonds so there is less of a necessity for them to announce explicit measures as yet.''

Europe's central bank yesterday said it would provide unlimited cash in response to a sudden demand for capital from lenders roiled by the subprime mortgage losses. Macquarie Bank Ltd. and Aozora Bank Ltd. led Asian financial stocks lower after BNP Paribas SA halted withdrawals from funds that owned subprime, or higher risk, home loans.

``We added funds to the system while looking at conditions in the market,'' said Noritaka Fukunaga, a press officer at the Bank of Japan.

Japanese Banks

Shares of Aozora Bank slumped 8.3 percent. The company wrote off a 4.5 billion yen unrealized loss mortgage-backed securities in the first quarter. Shinsei Bank Ltd. said this week its losses on subprime loans reached $30 million. Nomura Holdings Inc. cited 31.2 billion yen in such losses in its first-quarter earnings report.

``Subprime concerns are spreading globally,'' said Susumu Kato, chief economist at Calyon Securities, one of the 25 primary dealers that are required to bid at auctions.

Japan's nine biggest banking groups have more than 1 trillion yen of combined holdings in products backed by U.S. subprime mortgages, the Nikkei English News reported July 24, citing a report by Nana Otsuki, an UBS analyst.

Mizuho Financial Group Inc., which had 50 billion yen in subprime-related investments, sold almost all of it at the end of June and suffered losses of ``several hundred million yen,'' said spokeswoman Masako Shiono.

`Liquidity Crunch'

Three-month Tokyo interbank offered rates climbed 1 basis point to 0.792 percent, the highest since September 1998. The three-month Australian bank bill swap rate jumped to 6.725 percent today, the highest since Oct. 24, 1996.

The European Central Bank yesterday loaned 94.8 billion euros ($130 billion) after Paris-based BNP Paribas SA halted withdrawals from three funds because the French bank couldn't value holdings. The U.S. Federal Reserve added $24 billion in temporary reserves to the system yesterday, the most since April.

``There's a liquidity crunch going on and the banks are sitting on their hands as overnight rates are being bid up,'' said Ray Attrill, director of foreign exchange research at Forecast Ltd. in Sydney.

Shares of Macquarie, the largest Australian securities firm, plunged 6.8 percent. Its Macquarie Fortress Investments Ltd. unit, which had $873 million in two high-yielding funds, said on July 31 it was forced to sell assets to avoid breaching loan agreements.

Market Turbulence

Turmoil in global credit markets may prompt the Bank of Japan to delay raising its 0.5 percent overnight rate, the lowest among major economies. Investors today saw a 36 percent chance of an increase at the Aug. 23 board meeting, according to Credit Suisse Group calculations based on the exchange of interest payments. That's down from 65 percent yesterday.

``A rapid increase in short-term overnight rates is the equivalent of a rate hike by the Bank of Japan,'' said Tomoko Fujii, senior economist and strategist in Tokyo at Bank of America N.A. ``The markets are all shook up.''

The Morgan Stanley Capital International Asia Pacific Index lost 3.2 percent. The yield on Japan's benchmark 10-year bond fell 6.5 basis points to 1.715 percent. Yields on 10-year U.S. Treasuries fell 4 basis points to 4.73 percent.

Yen Advances

The Bank of Korea said that the chances of a ``contagion'' spreading from the U.S. subprime rout is low. The Philippine central bank said it will take steps to ``maintain stability.''

``Fears over credit risk here aren't as big as the U.S. and Europe because the exposure to subprime mortgages is probably much less,'' said Tokyo-based Yoshimasa Kato, a fund manager in Tokyo at Deutsche Asset Management (Japan) Ltd., a unit of Europe's third-biggest bank.

The yen gained on speculation widening credit market losses will prompt investors to trim holdings of riskier assets funded by loans in Japan. The yen rose to 161.05 per euro in Tokyo from 161.63 yesterday when it climbed 2.2 percent, the most since May 2001. Japan's currency traded at 117.89 per dollar from 118.16.

To contact the reporter on this story: Keiko Ujikane in Tokyo at [email protected] .

Last Updated: August 10, 2007 02:23 EDT

 

[Andrea 53]

peccato ......vederlo da fuori dopo 4 anni di attesa


mi raccomando raccogliete tutto quello che potete

saluti a tutti ....anche a quelli che sono in ferie ......

 

[Andrea 53]

noto che nessuno rispetta più le regole contrattuali e che Argema non protesta

 

[gipa69]

Immagine sostituita con URL per un solo Quote: http://www.investireoggi.it/phpBB2/immagini/118674180404.jpg


noto che nessuno rispetta più le regole contrattuali e che Argema non protesta

Ci vuole qualcuno che ci ricordi il rispetto delle regole

 

[gipa69]

Ci danno dentro con le liquidazioni.....

 

[gipa69]

AP
China's Oil Imports Set New Record
Friday August 10, 8:33 am ET
China's July Imports Reach New Record High


BEIJING (AP) -- China's oil imports to fuel its booming economy jumped to a new monthly high in July, rising 39 percent over the same month a year ago, according to data released Friday.
China imported 103.8 million barrels of oil in July, or an average of about 3.4 million barrels a day, according to the General Administration of Customs.



China is the world's second-biggest oil consumer after the United States. Growing imports have led to strains abroad as state-owned oil companies try to secure supplies by signing deals with Sudan and other isolated governments.

The previous monthly record for oil imports was 103.7 million barrels in April.

China supplied its own energy needs for decades from domestic fields but became a net importer in the 1990s. Demand has soared amid a boom that saw the economy expand by 11.9 percent last quarter.

China's oil imports rose by 20 percent last year to 1.1 billion barrels. Imports accounted for 47 percent of oil consumption in 2006, and could pass the symbolic 50 percent mark this year.

Beijing is trying to promote use of nuclear, solar and other energy sources to curb environmental damage from burning oil and coal and to reduce reliance on imported energy.

The government also is in the midst of a five-year effort to improve China's poor fuel efficiency by cutting energy consumption per unit of economic output by 20 percent.

 

[gipa69]

AP
China's Oil Imports Set New Record
Friday August 10, 8:33 am ET
China's July Imports Reach New Record High


BEIJING (AP) -- China's oil imports to fuel its booming economy jumped to a new monthly high in July, rising 39 percent over the same month a year ago, according to data released Friday.
China imported 103.8 million barrels of oil in July, or an average of about 3.4 million barrels a day, according to the General Administration of Customs.



China is the world's second-biggest oil consumer after the United States. Growing imports have led to strains abroad as state-owned oil companies try to secure supplies by signing deals with Sudan and other isolated governments.

The previous monthly record for oil imports was 103.7 million barrels in April.

China supplied its own energy needs for decades from domestic fields but became a net importer in the 1990s. Demand has soared amid a boom that saw the economy expand by 11.9 percent last quarter.

China's oil imports rose by 20 percent last year to 1.1 billion barrels. Imports accounted for 47 percent of oil consumption in 2006, and could pass the symbolic 50 percent mark this year.

Beijing is trying to promote use of nuclear, solar and other energy sources to curb environmental damage from burning oil and coal and to reduce reliance on imported energy.

The government also is in the midst of a five-year effort to improve China's poor fuel efficiency by cutting energy consumption per unit of economic output by 20 percent.

Anche questo può avere un impatto....

 

[Fleursdumal]

Good aft'noon a tout les bondaroles

metterla nel q alle macchine algoritmiche ovvero godere al doppio
io ho preso un mininostrano sulla s3 e un altro a 39000 , uno scaricato a 200 , l'altro lo tengo per vedere se i merikani provano almeno all'inizio a tentare un recupero
pronto ad andare short sotto a 39100

MUTUI: SUBPRIME; FED RIFINANZIA PER 19 MLD DOLLARI
(ANSA) - ROMA, 10 AGO - L' operazione di rifinanziamento è
avvenuta tramite il riacquisto da parte della banca centrale
statunitense di titoli garantiti da prestiti immobiliari, in
considerazione della situazione creatasi a seguito della crisi
del 'subprime'. Come conseguenza, il tasso overnight, salito
precedentemente fino al 6,0%, è sceso al 5,375% pur
mantenendosi sopra il tasso base (al 5,25%).
Già ieri la Fed era intervenuta con due operazioni di
rifinanziamento per complessivi 24,0 miliardi di dollari.
Oggi anche la Bce ha rifinanziato il sistema bancario per
altri 61,05 miliardi di euro, in aggiunta ai 94,8 miliardi di
ieri. Analoghe mosse sono state attuate dalle banche centrali di
Giappone ed Australia, rispettivamente per 8,49 miliardi e 4,19
miliardi di dollari statunitensi.

 

[Fleursdumal]

ciao Andrea

per riagganciarci a un discorso del gipaZ

Greed & Fear: More bad news is on the way

The first sign of weakness in commodities this week is evidence that markets have begun to think about economic weakness as a potential consequence of the escalating distress in the world of credit, says CLSA’s Christopher Wood in a particularly sweeping issue of his client newsletter, Greed & Fear. “It would be extraordinary if the credit universe continued to deteriorate and there was no ensuing growth scare.”A commodity correction would be a “natural symptom of such a growth scare”, and is likely to happen in coming months, says Wood. Such a commodity correction is also likely to put upward pressure on emerging-market debt spreads, which show signs of becoming more correlated to the rising credit spreads seen elsewhere.

“None of the above is to deny the strength of the long-term commodity story, based on the demand stemming from the emerging world”, he says. “Still it is also the case that the world has not completely decoupled from the US economy. A sudden sharp decline in the US current account deficit would represent a deflationary shock for the global economy even if it would be bullish for the beleaguered US dollar.”

This leads Wood to the question of the strength, “or otherwise”, of the US economy. The most recent US GDP data showed a clear slowdown in US consumption, as the knock-on impact from the collapse in US residential investment finally kicks through. This weakness in consumption is likely to continue “for the simple reason that the weakness in housing is likely to continue”, says Wood. The Achilles’ heel for the US housing sector remains the alarming arithmetic on the “resets” on the adjustable-rate mortgages, he notes.

A key issue ahead for the market, as widely noted by economists, will be evidence of housing weakness spreading to the rest of the US economy. Here, says Wood, “the obvious point of tension remains the labour market”, with all the risks point to the downside.

US core inflation, meanwhile, is now back in the acceptable range. But it will become much easier for the Fed to ease if what Wood calls the “oil-led commodity complex” also corrects. Otherwise, he warns, Ben Bernanke “may be put in the uncomfortable position of being asked to choose between the contrasting messages sent by a surging headline inflation rate and a growing clamour to cut rates to bail out Wall Street in the context of an intensifying credit contraction”.

On an even cheerier note, Wood predicts that “the US financial-services sector is going to pay the financial consequences of its massive abuse of securitisation, as will its overseas clients who bought structured finance products out of a dubious search for yield.” He also continues to predict that “if things get really bad on main street, securitisation will again be outlawed as it was in 1933 by the passage of the Glass-Steagall Act.”

Investors should expect the focus on financial problems to extend increasingly beyond securitised mortgages to the leveraged loan market, he warns. “The other less appreciated risk is banks’ exposure in terms of their lending to credit hedge funds and to funds of funds investing in hedge funds”, he says, warning of the continuing “potential for systemic risk in this little understood area”.

Credit hedge funds, in their “lust for yield”, have been increasingly buying leveraged loans direct from the banks, notes Wood. The value of such loans is now plummeting. It is not clear what the wake-up call is for the end investor, but obviously, “that wake-up call is coming”, he says, “as are a flood of lawsuits from end investors in structured finance “capital guaranteed’ products.”

Falling US Treasury bond yields are bearish for equities which is why Asia, in the short term, will continue to be hit by an intensifying growth scare. But in the longer term, the collateral damage from escalating solvency concerns spells what Wood sees as “a massive buying opportunity for Asia”. In fact, he says, Asia and emerging market asset prices are likely to be the beneficiaries of the next bubble stemming from the coming Fed easing. There is also potential opportunity for Asian buyers (the Chinese government?) to acquire distressed US financial service franchises, but, says Wood, “there will be plenty more bad news before that day arrives”.

America has enjoyed a securitised credit cycle and now risks the deflationary consequences. Wood’s view is that Bernanke, “to his great credit, is clearly less willing to exercise the ‘put option’ than his politically-oriented predecessor, ‘Pinball Alan’.” He also probably sees the increased risk aversion as healthy, Wood notes, and “will be willing to fly his helicopters only when there is hard evidence of a deflationary threat to the real economy.”

But for such an event to happen, he notes, “Wall Street will have to have suffered a lot more downside in the interim”.

Liquidity preference is now rising, as the asset-backed securities boom starts to unwind. “This threatens wealth destruction on a large scale, most particularly if concerns creep into the asset-backed commercial paper market, which is what US money market funds are stuffed with.”

While not predicting with certainty such an event, Wood notes that the “risks of such a Minsky moment are arising, which would definitely prompt the arrival of Bernanke’s helicopters. But as ever in markets, it will probably take time to play out. ”

Well then, there’s time, at least, to have a happy weekend…

This entry was posted by Gwen Robinson

 

[masgui]

Good aft'noon a tout les bondaroles

metterla nel q alle macchine algoritmiche ovvero godere al doppio
io ho preso un mininostrano sulla s3 e un altro a 39000 , uno scaricato a 200 , l'altro lo tengo per vedere se i merikani provano almeno all'inizio a tentare un recupero
pronto ad andare short sotto a 39100

MUTUI: SUBPRIME; FED RIFINANZIA PER 19 MLD DOLLARI
(ANSA) - ROMA, 10 AGO - L' operazione di rifinanziamento è
avvenuta tramite il riacquisto da parte della banca centrale
statunitense di titoli garantiti da prestiti immobiliari, in
considerazione della situazione creatasi a seguito della crisi
del 'subprime'. Come conseguenza, il tasso overnight, salito
precedentemente fino al 6,0%, è sceso al 5,375% pur
mantenendosi sopra il tasso base (al 5,25%).
Già ieri la Fed era intervenuta con due operazioni di
rifinanziamento per complessivi 24,0 miliardi di dollari.
Oggi anche la Bce ha rifinanziato il sistema bancario per
altri 61,05 miliardi di euro, in aggiunta ai 94,8 miliardi di
ieri. Analoghe mosse sono state attuate dalle banche centrali di
Giappone ed Australia, rispettivamente per 8,49 miliardi e 4,19
miliardi di dollari statunitensi.

stupidoni esagerati .... mo rimbalzano.
per ora segnali di inversione su diversi asset.