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Sunday, 22 July 2018

Michael Cartine' s stories

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  • Italian Prime Minister Mario Monti

    IFR Comment: BTPs hit on Monti exit news, for now; GGBs solid

    Capital City | 10 December 2012

    BTPs are getting crushed, as to be expected with Prime Minister Monti announcing over the weekend he will resign after next year’s budget gets passed. A broad swath of selling has come in with domestic accounts leaning on the market again and leveraged accounts also selling.

  • Monti in Rome

    BTPs hit by political anxiety after walkout by Berlusconi party

    Capital City | 06 December 2012

    News that former Prime Minister Silvio Berlusconi’s PDL party walked out of the Senate before a confidence vote on economic measures today has hit BTPs hard, especially in the front-end.

  • A Greek and an EU flag

    IFR Comment: What to look out for regarding Greek financing

    Capital City | 09 November 2012

    There isn’t much new to say regarding the Greek situation, but a closer look at the November 16 date when Greece will reportedly go bankrupt is definitely warranted.

  • Rajoy in Spanish parliament

    IFR Comment: The outlook for Bonos as Spain less likely to request EU aid this year

    Capital City | 08 November 2012

    It appears to be increasingly less likely that Spain will request official European aid this year and, in turn, benefit from Outright Monetary Transaction buying from the European Central Bank.

  • France

    France announces cuts in business taxes: right direction, wrong application

    Capital City | 06 November 2012

    Headlines are hitting the tapes about pro-growth strategies emanating from France in response to the Gallois report, wherein business taxes will reportedly be cut €20bn over three years, paid for by a combination of €10bn of cuts in spending and €10bn of extra sales tax revenue by tweaking the VAT.

  • German IFO and GDP

    IFR Comment: IFO and EZ PMIs reflect German weakness

    Capital City | 24 October 2012

    Germany’s IFO survey is out, reflecting the weakness seen in the earlier reporting of the German manufacturing PMI, with the headline IFO sagging to 100.0 vs expectations of marginal growth to 101.5 (from 101.4).

  • Rajoy

    IFR Comment: "Will he?/Won't he?" a question of when, not if, for Rajoy

    Capital City | 17 September 2012

    Ostensibly, part of the retreat in peripheral markets this morning owes to continued or even growing uncertainty over the “will he?/won’t he?” question regarding whether – and when – Spain will formally request financial assistance from Europe.

  • Mario Draghi

    ECB stepping into fiscal territory suggests big political challenges

    Capital City | 05 September 2012

    There were more media reports of what ECB President Mario Draghi’s plan lays out and what the ECB may or may not subsequently decide. Draghi declared the plan will target an unlimited amount of bond purchases, albeit to be sterilised. This was largely as expected although it does – critically – preclude more limited options which would have been more disappointing to riskier assets.

  • Mario Draghi

    ECB preview

    Capital City | 04 September 2012

    Expectations have understandably grown exponentially regarding what the ECB may announce this Thursday, especially after President Mario Draghi promised to do “whatever it takes” to bolster the euro and specifically mentioned the possibility of lifting government bonds in the “money markets” sector. Certainly this leaves plenty of latitude for movement, but we will try and distill our and market expectations as below.

  • Eurozone bond buying vs yields

    IFR Comment: ECB preview - LT LTROs interesting, but unlikely

    Capital City | 02 August 2012

    Here’s the IFR summary of what to expect (or not) from the ECB meeting today: