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Stocks slid and the euro fell against the US dollar, while Spain’s bond yields rose as investors worried about details of a $125 billion deal to shore up Spanish banks.

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Positive sentiment yesterday was as scarce as net longs in Euro with investors realising the uncertainty in the earlier announced Spanish Banks rescue deal.

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The big news over the weekend was of course that Spain has finally agreed to an “unconditional” bank bailout. But please, let us not have a DELUSIVE HOPE – like most honourable Members of the European Parliament nowadays – that everything will be fine, and we can safely invest in risk assets again.

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Although I’m not sure of the difference between a cash injection and a bailout the global view has responded positively with Asian stocks and US stock futures up this morning, with Spanish bond yields easing back down to the 6.17% level.

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08 Jun
2012

Germany In...or Germany Out?

Categories: Asian View

The benchmark one-year lending rate will drop to 6.31 percent from 6.56 percent effective today, the People’s Bank of China said on its website yesterday. The one-year deposit rate will fall to 3.25 percent from 3.5 percent. Banks can also offer a 20 percent discount to the benchmark lending rate, the PBOC said, widening from a previous 10 percent.

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On the US economic data front, initial jobless claims fell by 12,000 to 377,000 (378K expected and 389K last week) in the week ended June 2nd. Stocks in the household & personal products and capital goods sectors traded higher while shares in the semiconductors and telecommunication services sectors were under pressure.

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Talks of Euro power brokers cobbling a rescue package for Spanish banks saw risk gain a bid tone in overnight trading and the positivity was brought over to the Asian session, with equity markets making strong gains across the board.

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06 Jun
2012

When Should We Buy Stocks?

Categories: Asian View

The Dow is still above 12,000; stocks may not be at their peak, but they are far from their bottom. You’ll know it when you get to a real bottom. Investors are so glum you have to hide their guns. That’s when you get P/E ratios of 5 and dividend yields of 5%. That’s when you get bargains. Someday, unless this really is a new era, they will be real bargains. This day they are not.

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A strong start to Asian stocks start for the day, thanks to Australian GDP numbers, probably will only last until Europe wakes up as news wires across the globe tell stories of an impending and messy Greek exit or Spain begging for aid for its banks to avoid the continued collapse.

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Bloody global markets we’ve seen on May, most of them got a largest hit for several months as a spate of slowing global economic growth added to worries about the euro zone crisis, all cutting exposure to risky assets.

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The continuing fall of the Euro, Greece and Spain has hit Chinese manufacturing numbers as their drop has reminded everyone that contagion is a very real threat to even the biggest superpower.

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Greece’s latest polls are now showing that the populous want to see the terms of their bailout changed to reduce significantly the austerity measures required, this has brought about fears that a Greek exit from the Euro is closer than previous polls suggested.

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Today’s collapsing markets; Greece, Spain, the Euro, Bankia and Facebook will dominate people’s thoughts today, and so they should.

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Markets in Asia on risk aversion mood again, after calm North America markets with US away for Memorial Day. Concerns over spike in Spanish bonds to 6.50%, and fresh challenge from Greece anti-austerity Syriza party, continue to weigh on sentiment as various government make contingency plans over Greece exit from euro.

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28 May
2012

Do NOT be COMPLACENT!

Categories: Asian View

The Godfather of newsletter writers, Richard Russell, warned his readers in the Dow Theory Letters that “something BIG is heading our way,” and wondered “how much longer the decline will continue to be orderly.”

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