MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Friday, May 25
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8:27 AM BP confirms that its Nabucco pipeline project to import natural gas from Azerbaijan to Europe will take on a far more limited scope and reach only Europe's border with Turkey. The decision appears to mark the end of a key strategic initiative that had political backing from the EU and U.S. to reduce Russian dominance over European gas supplies. Comment!
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8:05 AM "Monti couldn't reform (his) own country, now he will deliver substantial changes in (the) EU treaty that requires loss of sovereignty for 17 nations," asks Uldis Zelminis, responding to the Italian PM's confidence he can persuade the EU to go for common eurobonds. Comment!
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7:56 AM Mario Monti's insistence he can bring Germany around to acting in the EU's "common good" may rest on support from Merkel's domestic opposition parties, which are far more disposed to liability sharing. They believe they have the blueprint for such with a so-called European redemption fund floated back in November. 2 Comments
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7:37 AM The real nightmare scenario for the EU power elite is what if Greece exits EMU and thrives, says BNY's Simon Derrick. If Greece leaves, devalues, collapses, and then quickly rebounds (a la Iceland, though it was never part of the eurozone), the other struggling states (and their electorates) are sure to take notice. 10 Comments
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7:14 AM Vietnam cuts its benchmark interest rate 100 bps to 12% on the heels of a report showing inflation has slowed to 8.34%. The central bank had been on cycle of rate hikes as inflation printed more than 20% last summer. Shares rose 1.6% last night. VNM +24% YTD. Comment!
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4:04 AM The slow-motion train wreck continues in Greece, with police urging citizens to keep their money in the banks rather than sowing the seeds for a wave of home thefts. Greek banks have seen almost 25% of their deposits drained out over the last two years, and are likely to be shored up today or Monday with €18B of bailout funds that are weeks overdue. 1 Comment
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3:51 AM The euro hit a 22-month low against the dollar yesterday, and has lost 5% in the last 3 weeks after barely moving against the dollar for most of the year. There's no end of reasons, though a notable downward driver is confirmation from some of Europe's biggest fund managers that they've been dumping euro assets on Grexit concerns. 1 Comment
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1:40 AM With the focus so strongly on Europe, it has been easy to miss the data pointing to economic trouble in China, India, South Africa, Brazil and elsewhere. The specter of renewed crisis looms large if activity is slowing in sync around the globe and not just in isolated regions. 2 Comments
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