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17/01/2012 Gfma
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Morning Bell |
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S&P move prompts backlash from European officials
Standard & Poor's downgrades of credit ratings of nine euro-zone nations prompted questions and calls for systemic changes from EU lawmakers and other officials. Michel Barnier, the EU's internal-market commissioner, criticised the credit rating agency's move. "I am surprised time and time again by the timing the rating agencies choose to make such announcements," Barnier said. "These rating agencies should have given their alerts five, 10 years ago; not now." Reuters(16 Jan.), The Wall Street Journal/Dow Jones Newswires(16 Jan.), The Wall Street Journal/Dow Jones Newswires(16 Jan.), Bloomberg(16 Jan.)
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Markets largely are unmoved by rating downgrades: Standard & Poor's cuts of nine euro-zone countries' credit ratings did little to move European stocks, governments bonds and the euro because the downgrades were already priced in. Financial Times (tiered subscription model)(16 Jan.)
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German bonds become even more attractive after S&P move: Standard & Poor's downgraded the triple-A credit ratings of France and Austria, making German bonds increasingly attractive as a safe haven. "Germany's stable outlook means that it remains one of the strongest issuers available to investors," said Gianluca Ziglio, an interest-rate strategist at UBS. "Low German yields are here to stay. This week's Spanish auction will probably be less supported." Bloomberg(16 Jan.)
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Industry News |
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Pandit: Financial system needs more market-driven reforms
Citigroup CEO Vikram Pandit writes that the financial system can be improved by increasing transparency and giving markets more tools to discipline firms that use too much leverage. Financial Times(tiered subscription model)(10 Jan.)
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S&P downgrades credit rating of European rescue facility
Standard & Poor's cut the triple-A credit rating of the European Financial Stability Facility, to AA+, after downgrading nine euro-zone nations' ratings. "The EFSF's obligations are no longer fully supported either by guarantees from EFSF members rated AAA by S&P, or by AAA rated securities," the credit rating agency said. "Credit enhancements sufficient to offset what we view as the reduced creditworthiness of guarantors are currently not in place." Bloomberg(17 Jan.), Reuters(16 Jan.)
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France's rating remains under pressure, Moody's says
Moody's Investors Service said its outlook on France's triple-A credit rating is stable, but the rating is under pressure and will be assessed this quarter. The comments come days after Standard & Poor's downgraded France's rating. The Wall Street Journal(17 Jan.)
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London's financial sector shrinks faster than its peers
London remains a global financial hub, but it is shrinking more rapidly than others as banks face political attacks, lower trading revenues and other challenges. "We're going to end up with a smaller, more focused financial sector," said Michael Kirkwood, former head of Citigroup's UK division. "The entire financial world became too bloated in the run-up to the financial crisis, and London was excessively bloated." Bloomberg Businessweek(17 Jan.)
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Other News
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European banks take unorthodox steps to raise capital buffers
The Wall Street Journal (17 Jan.)
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Euribor drops as ECB injects more liquidity into system
Reuters (16 Jan.)
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Regulatory Roundup |
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