Laurence Mutkin News
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Spanish government securities led declines among the euro-region’s so-called peripheral countries as renewed signs of political instability in the currency bloc damped demand for the nation’s assets.
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Morgan Stanley said James Caron, head of U.S. interest-rate strategy, has left the primary dealer and his responsibilities will be assumed by Laurence Mutkin.
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Investors should buy Spanish and Dutch three-year government bonds against equivalent-maturity French securities, according to Morgan Stanley.
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An estimate of future average overnight borrowing costs in euros rose to the highest in more than a week, extending yesterday’s jump after the European Central Bank kept rates unchanged.
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Capital rules for banks agreed by central bankers and regulators under the Basel III accord will encourage lenders to buy government bonds to boost ownership of “high-quality liquid securities,” Morgan Stanley said.
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Greek economic prospects darkened as European bickering risked delaying the next rescue payment and defections weakened Prime Minister George Papandreou ’s majority.
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Portugal risks being frozen out of the bond markets next year amid a wave of auctions from higher- rated governments and agencies that threaten to force the nation into seeking a bailout to pay its debts.
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Portugal’s economy will barely expand next year as slowing growth in Europe and austerity measures to cut the euro-region’s fourth-biggest budget deficit choke the country’s economic recovery.
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German 10-year government bonds rose as concern that North African and Middle East turmoil may escalate spurred demand for the safest assets.
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The difference between two- and 10- year Treasury yields stayed near the least this year as signs the economic recovery is gaining pace sapped demand for shorter- dated securities.
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