Andrew Balls News
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Italian and Spanish bonds fell as investors bet that 10-year yields close to the lowest since at least 2010 may be untenable as a report showed the euro-area economy shrank more in the first quarter than analysts forecast.
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Pacific Investment Management Co. is shunning long-dated European government securities because of the region’s growth outlook, according to Andrew Balls, head of European portfolio management at the firm.
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Pacific Investment Management Co., home to the world’s biggest fixed-income fund, is shying away from risky assets as it sees a growing disconnect between the performances of financial markets and the global economy.
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Italy’s bonds fell for a second day as Pacific Investment Management Co. said it lowered its holdings, fueling bets a rally that took 10-year yields below 4 percent for the first time since November 2010 was excessive.
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Andrew Balls, head of European portfolio management at Pacific Investment Management Co., discusses the possibility that banks may be asked to accept bigger so-called haircuts on Greek debt holdings.
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Europe’s officials haven’t done enough on fiscal turmoil to persuade investors to buy the region’s sovereign debt, according to Pacific Investment Management Co.’s Andrew Balls.
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The euro may become a “weaker entity” or even lose some members unless its 16 participants cooperate more closely on fiscal policy, according to Pacific Investment Management Co.
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George Papandreou was staring into a 20 billion-euro ($29 billion) hole.
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Europe’s shifting emphasis from enforcing austerity to seeking economic growth marks a hollow victory for Nobel laureate Paul Krugman.
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Policy makers are “complacent” and risking investment in Spain by failing to take enough action to stabilize the nation, according to money managers at Pacific Investment Management Co. and BlueBay Asset Management Ltd.
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